Polytechnic University of the Philippines - Manila purchased 50 units of Inverter-type Airconditioning units from a supplier on April 01, 2021 at an invoice price amounted to P3,000,000 intended for various offices to replace all unserviceable units and was operational only on July 17, 2021 after inspected, tested and installed. The estimated useful life of the asset is 5 years. 1. Compute the carrying value of the airconditioning units on December 31, 2023. 2. How much is the depreciation expense for 2021?
Polytechnic University of the Philippines - Manila purchased 50 units of Inverter-type Airconditioning units from a supplier on April 01, 2021 at an invoice price amounted to P3,000,000 intended for various offices to replace all unserviceable units and was operational only on July 17, 2021 after inspected, tested and installed. The estimated useful life of the asset is 5 years. 1. Compute the carrying value of the airconditioning units on December 31, 2023. 2. How much is the depreciation expense for 2021?
Chapter11: Long-term Assets
Section: Chapter Questions
Problem 4EA: Montello Inc. purchases a delivery truck for $15,000. The truck has a salvage value of $3,000 and is...
Related questions
Question
Polytechnic University of the Philippines - Manila purchased 50 units of Inverter-type Airconditioning units from a supplier on April 01, 2021 at an invoice price amounted to P3,000,000 intended for various offices to replace all unserviceable units and was operational only on July 17, 2021 after inspected, tested and installed. The estimated useful life of the asset is 5 years.
1. Compute the carrying value of the airconditioning units on December 31, 2023.
1. Compute the carrying value of the airconditioning units on December 31, 2023.
2. How much is the depreciation expense for 2021?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT