P1,000,000.00 and accumulated depreciation of P500,000.00. This is being depreciated using the straight line method and with an estimated useful life of 10 years. On December 31, 2021, a six year old delivery equipment with an original cost of P200,000.00 was traded in for a brand new delivery equipment in the amount of P400,000.00. This new equipment is also depreciated using the straight line method and has a useful life of 10 years. How much is the depreciation expense on 2022?

Q: On April 1, 2021, DG Corporation purchased an equipment with cost of P150,000. The company estimate…

A: From April 1, 2021 to December 31, 2021 = 9 months Depreciation on equipment will be charged for 9…

Q: Coachwhip Corporation purchased a machinery on January 1, 2022 for P5,000,000. The same had an…

A: Depreciation as per straight line method =  (Cost - salvage value) /useful life

Q: On July 1, 2022, Proton, Inc. sells equipment for P44,000. The equipment originally cost P120,000,…

A: Given: - Cost= 120,000 Accumulated Depreciation=70,000 Salvage value=20,000 Useful life= 5 years

Q: FDN Company acquires a building on April 1, 2021 at a cost of P26,500,000. The building has an…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: Mandu Corp. acquired a machine at a total cost of P5,200,000. The estimated life of the machine is 8…

A: Depreciation per hour = (Cost of the assets - Salvage value) / Total estimated operating machine…

Q: ARON Corp. acquired a machine at a total cost of P5,200,000. The estimated life of the machine is 8…

A: Depreciation per hour = (Cost of the assets - Salvage value) / Total estimated operating machine…

Q: Equipment was purchased for R.O.17,000 on January 1, 2010. Freight charges amounted to R.O.700 and…

A:

Q: Haemul Pajeon Company purchased a machine on January 2, 2018 for P500,000. The machine has an…

A: 1. Asset Value =P500,000 Estimated useful life = 8 years Depreciation Amount for 2018  = (Asset…

Q: An equipment was purchased on January 1,2018 for P4,000,000. The equipement has an estimated useful…

A: Depreciation is an expense for the firm against the loss in the value of asset over the period of…

Q: Union Industries purchased equipment for $86,000 on January 1st, 2022. The useful life of the…

A: Depreciation is a reduction in value of asset due to wear and tear, technological advancement, other…

Q: On December 31, 2021, the company exchanged old motor vehicles and RM48,000 for new motor vehicles.…

A: Since you have posted a question with multiple sub-parts, we will be solving the first three for…

Q: At the half of the year 2021, Rosary Co. reported the following information: Equipment t cost…

A: Revaluation surplus is the amount which is reported at the year-end after computing the surplus by…

Q: On January 1, 2021, Mama Company purchased a machine for P2,750,000. The machine was depreciated…

A: The depreciation expense is charged on fixed assets as reduction in the value of fixed assets with…

Q: On April 1, 2021, Brandy Company had a machine with a cost of P5,000,000 and accumulated…

A: Given information, Cost =P5,000,000 Accumulated depreciation=P3,750,000 Estimated selling price…

Q: Mandu Corp. acquired a machine at a total cost of P5,200,000. The estimated life of the machine is 8…

A: Depreciation rate per hour = (Cost-Salvage value)/Total working hours

Q: Compute depreciation under: (i) straight line method (ii) unit of output (iii) working hours…

A: Depreciation  under straight line method = (Cost of Asset - Salvage value / useful life )…

Q: On July 1, 2004, Gonzalez Corporation purchased factory equipment for P450,000. Salvage value was…

A: The depreciation expense is charged on fixed assets as reduction in the value of fixed assets with…

Q: E11-2 Depreciation Methods Sorter Company purchased equipment for $200,000 on January 2, 2019. The…

A: Depreciation: Depreciation is an accounting method for distributing a tangible or physical asset's…

Q: On June 30, 2023, Flakes reported the following information: Equipment at cost 30,000,000…

A: Working notes :-                       Depreciation is demunition in the value of…

Q: Lina Company purchased equipment on January 1, 2022 for P5,000,000. The equipment had a useful life…

A: Given information, Cost of the equipment=P5,000,000 Residual value =P600,000     Computation of…

Q: On January 3, 2018, Honest company acquired an item of property, plant and equipment at a cost of…

A: Asset will be reclassified as held for sale will be valued at lower of following 1) carrying value…

Q: On January 3, 2019, Soju Co. purchased machinery. The machinery has an estimated useful life of…

A: Sum of the years digits = n(n+1)/2 Sum of the years digits =  8(8+1)/2 Sum of the years digits =…

Q: On December 31, 2020, RJ Co. had delivery equipment in the total cost of P1,000,000.00 and…

A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…

Q: In the beginning of 2021, Ciento Company purchased equipment worth P250,000. It is estimated to be…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: An equipment was acquired for P3,000,000 on Jan. 1, 2018. It is being depreciated to a salvage value…

A: Journal entry: An act of recording the daily transaction of a firm in the journal is called journal…

Q: n September 30, 2021, Shamille Company purchased machinery for P7,600,000. Residual value was…

A: The depreciation expense is charged on fixed assets as reduction in the value of fixed assets with…

Q: On January 3, 2018, Leni company acquired an item of property, plant and equipment at a cost of…

A: Non-Current assets that are held for sale need to be measured at " Fair value less cost to…

Q: An old cooler with a recorded cost of P150,000 and accumulated depreciation of P140,000 was sold for…

A: Cost of the assets involves the cost of acquisition and installation costs in terms of monetary…

Q: On September 1st, 2021 a company purchased a piece of plant equipment for $53,000. In addition to…

A: Depreciation under straight line method: Depreciable amount / Life(in years) Depreciable amount =…

Q: On July 1, 2022, Piscor Corporation purchased factory equipment for P450,000. Residual value was…

A: The depreciation expense is Decrease in the value of fixed assets with the usage and passage of…

Q: On January 1, 2022, Proton Company purchased a new machine or P2,100,000. The new machine has an…

A: The time period depreciation refers to an accounting technique used to allocate the value of a…

Q: BTS Company purchased machinery for P250,000 on July 1, 2018. Freight and installation costs…

A: Solution...   Total cost of machinery  = Cost + installation  = P250,000 + P18,000  = P268,000…

Q: On April 1, 2022, Deland Manufacturing Company purchased a new equipment for P800,000. The equipment…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: On January 1, 2021, Ding Company acquired an equipment with useful life of 8 years and P390,000…

A: The depreciation is a decline in the value of tangible assets over their useful life. it is a…

Q: A broadcasting corporation purchased an equipment for BD5,300 and paid BD150 for freight and…

A: Solution Note Dear student as per the Q&A guideline we are required to answer the first question…

Q: MKG, Inc. paid $400,000 for a piece of equipment that is expected to have a 12 year useful life. In…

A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…

Q: SMC purchased an equipment for P53,000 and paid P1,500 for freight and delivery charges to the job…

A: Total value of asset (V) = Purchase cost + Freight and delivery cost = P 53000 + P 1500 = P 54500…

Q: On January 1, 2020, Coronado Industries purchased a new machine for $4290000. The new machine has an…

A: Depreciation: It refers to a gradual decrease in the fixed asset’s value because of obsolescence,…

Q: Coachwhip Corporation purchased a machinery on January 1, 2022 for P5,000,00O. The same had an…

A: Depreciation as per straight line method = (cost - salvage value) /useful life =  P5000, 000/8 =…

Q: Equipment was purchased for $86200 on January 1, 2021. Freight charges amounted to $2800 and there…

A: Cost of asset=Purchase price+Freight+Installation=$86,200+$2,800+$12,000=$101,000

Q: A broadcasting corporation purchased an equipment for BD5,300 and paid BD150 for freight and…

A: Depreciation is the gradual conversion of the cost of a  fixed asset into expense. It does not mean…

Q: ramble Corp. purchased a depreciable asset for $698000 on April 1, 2018. The estimated salvage value…

A: Price = $ 698,000 Salvage Value = $ 68,000 Estimated useful life of years = 5 years

Q: On January 2, 2023, Saminski, Inc., acquired equipment for $700,000. The estimated life of the…

A: Depreciation is an expense account that is considered as a reduction in the value of an asset due to…

Q: Equipment was purchased for $83700 on January 1, 2021. Freight charges amounted to $4000 and there…

A: Accumulated Depreciation: It is the total of the depreciation expense written off each year since…

Q: On April 21, 2018, OO YAN! Manufacturing Company bought new equipment for P725, 000. The new…

A: Under the sum of year digits method, depreciation is highest in the initial periods and lower in the…

Q: Coachwhip Corporation purchased a machinery on January 1, 2022 for P5,000,000. The same had an…

A: solution ‘ working note purchase date of machinery        =January 1 2022 annual depreciation…

Q: On January 1, 2021, Capiz Company purchased factory equipment for P8,000,000. Estimated salvage…

A: Double declining balance method: It is the method of charging depreciation where the depreciation is…

Q: An old cooler with a recorded cost of P150,000 and accumulated depreciation of P140,000 was sold for…

A: Book value of cooler on date of sale=Recorded cost -Accumulated depreciation=P 150,000 -P…

Q: Equipment was purchased for $86200 on January 1, 2021. Freight charges amounted to $2800 and there…

A: First we need to find capitalized cost of asset  Then depreciable value of asset is to be found…