Good day! I need your help tutor please answer the question attached below. The answer is already provided, which means that will be your basis if your answers are correct or not.Ps. In your solution, you identify the given and the what is being asked in the problem and I want to see the formula that you used.Lastly, box the final answers. Thanks in advance tutor :) 1. A Machine costs P80,000 and an estimated life of 10 years with a salvage value of P5,000. What is the book valueafter 5 years using the following methodology?a. Straight Line Method. BV;=P42,500b. Sinking Fund Method if i-9%. BV3=P50,456.44c. Declining Balance Method if the depreciation cost is equal to the value of i. BV5=P49,922.57d. Double Declining Balance Method. BVs=P26,214.40e. Sum of the Years Digit Method. BVs=P25,454.55f. Service-Output Method. Assuming that the total service of the machine is 1,497,600 hours and the number of workingdays per year is 260 days. What is the book value after 4 years if the machine production time a is 24 hours?BV4=P79,687.38

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Answered: 1. A Machine costs P80,000 and an…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Good day! I need your help tutor please answer the question attached below. The answer is already provided, which means that will be your basis if your answers are correct or not.

Ps. In your solution, you identify the given and the what is being asked in the problem and I want to see the formula that you used.Lastly, box the final answers. Thanks in advance tutor :)

1. A Machine costs P80,000 and an estimated life of 10 years with a salvage value of P5,000. What is the book value
after 5 years using the following methodology?
a. Straight Line Method. BV;=P42,500
b. Sinking Fund Method if i-9%. BV3=P50,456.44
c. Declining Balance Method if the depreciation cost is equal to the value of i. BV5=P49,922.57
d. Double Declining Balance Method. BVs=P26,214.40
e. Sum of the Years Digit Method. BVs=P25,454.55
f. Service-Output Method. Assuming that the total service of the machine is 1,497,600 hours and the number of working
days per year is 260 days. What is the book value after 4 years if the machine production time a is 24 hours?
BV4=P79,687.38

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