28. McGraw Corporation bought a packaging equipment for P220,000 and used it for 10 years, the life span of the equipment. What is the book value of the equipment after 5 years of use? (a) Assume a scrap value, P20,000 for straight line method, (b) P20,000 for double declining balance method and (c) P22,000 for the textbook declining balance method.
28. McGraw Corporation bought a packaging equipment for P220,000 and used it for 10 years, the life span of the equipment. What is the book value of the equipment after 5 years of use? (a) Assume a scrap value, P20,000 for straight line method, (b) P20,000 for double declining balance method and (c) P22,000 for the textbook declining balance method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:28. McGraw Corporation bought a packaging equipment for P220,000 and used it for 10 years, the life span of the
equipment. What is the book value of the equipment after 5 years of use? (a) Assume a scrap value, P20,000 for
straight line method, (b) P20,000 for double declining balance method and (c) P22,000 for the textbook declining
balance method.
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