January 1, 2021, the first day of operation.and is depreciated by the straight line method.The machine has no residual value, has a five-year life,Kerr Company purchased a machine for P1,150,000 onThe current cost of the machine. was P1,250,000 oniho current cost of the machine. was P1,250,000 onDecember 31, 2021.ahe machine has no. residual value, has a five-year life,1 What amount of depreciation should be reported in thehistorical cost income statement for 2021?a. 230,000b. 250,000с. 240,000d. 200,0002. What amount of depreciation should be reported in thecurrent cost income statement for 2021?а. 140,000-b. 230,000c. 240,000d. 250,0003. What amount should be reported as realized holdinggain on the equipment for 2021?a. 20,000b. 10,000c. 30,000d.4. What amount should be reported as unrealized holdinggain on the equipment for 2021?100,000b. 280,000CC. Sc80,000with CamScannerd.а.50,000

Depreciation will be accumulated in that a/c until asset is sold, and later while on selling cost of…

Answered: The ember 31, 2021.

Business

Accounting

The ember 31, 2021.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 14P: Hunter Company purchased a light truck on January 2, 2019 for 18,000. The truck, which will be used...

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Concept explainers

Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.

Question

January 1, 2021, the first day of operation.
and is depreciated by the straight line method.
The machine has no residual value, has a five-year life,
Kerr Company purchased a machine for P1,150,000 on
The current cost of the machine. was P1,250,000 on
iho current cost of the machine. was P1,250,000 on
December 31, 2021.
ahe machine has no. residual value, has a five-year life,
1 What amount of depreciation should be reported in the
historical cost income statement for 2021?
a. 230,000
b. 250,000
с. 240,000
d. 200,000
2. What amount of depreciation should be reported in the
current cost income statement for 2021?
а. 140,000-
b. 230,000
c. 240,000
d. 250,000
3. What amount should be reported as realized holding
gain on the equipment for 2021?
a. 20,000
b. 10,000
c. 30,000
d.
4. What amount should be reported as unrealized holding
gain on the equipment for 2021?
100,000
b. 280,000
CC. Sc80,000with CamScanner
d.
а.
50,000

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