1.How much is the carrying amount of property, plant and equipment as of December 31, 2020?a. P435,160 c. P763,440b. P729,840 d. P860,400 Survive, Inc.'s property, plant and equipment at December 31, 2019:Original costYear PurchasedUseful lifeSalvage valueDepreciation method直真P400,000201615 yearsP25,000Straight-lineP400,000P175,0002014P255,000201575,000 hoursP15,000Activity201810 yearsP15,500SYD10 yearsP25,000Double-decliningbalanceNote: In the year an asset is purchased, Survive, Inc. does not record any depreciation expense on the asset.In the year an asset is retired or traded in, Survive, Inc. takes full year depreciation on the asset. The following transaction occurred during 2020:1. On May 5, Asset P was sold for P65,000 cash.2. Asset R was used for 10,500 hours during 2020. Accumulated usage as of December 31, 2019 is40,800 hours.3. On December 31, before computing depreciation expense on Asset T, the management of Survive,Inc. detemined that the useful life remaining from January 1, 2020 is only 10 years.4. On December 31, it was discovered that a plant asset purchased in 2019 had been expensedcompletely in that year. This asset costs P110,000 and has useful life of 10 years and no salvagevalue. Management has decided to use the double-declining balance for this asset, which can bereferred to as "Asset I."

Depreciation Methods: Straight Line Method: Under this method of depreciation, same amount of…

Answered: 1.How much is the carrying amount of…

1.How much is the carrying amount of property, plant and equipment as of December 31, 2020? a. P435,160 c. P763,440 b. P729,840 d. P860,400

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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