4. Using the same depreciation method as used in 20X5, 20X6, and 20X7, how much depreciationexpense should Dirt record in 20X8 for asset B?5. Dirt depreciates asset C by the straight-line method. On June 30, 20X8, Dirt sold asset C forP28,000 cash. How much gain (loss) should Dirt record in 2008 on the disposal of asset C?6. Enter Sandman Co. purchased manufacturing equipment from Sad But True Co. on January 1,20x8 at a total cost of P9,000,000. Enter Sandman uses the straight-line method of depreciationand estimates that the equipment has a useful life of 10 years. On July 1, 20x8 and July 1, 20x9Enter Sandman performed major regular inspections on the equipment costing P380,000 andP425,000, respectively.capitalization. How much is the carrying amount of the equipment on December 31, 2009?The costs of inspection satisfied the recognition criteria for The next four items are based on the following information:Dirt Corporation schedule of depreciable assets at December 31, 20X7 was as follows:Асcum.Depreciation64,00036,00033,600Acquisition date20X6Residual value20,00010,00014,000AssetCost100,00055,00070,00020X520X5Dirt takes a full vear's depreciation expense in the vear of an asset's acquisition and no depreciationABC

Given: The tabulation as follows,

4. Using the same depreciation method as used in 20X5, 20X6, and 20X7, how much depreciation expense should Dirt record in 20X8 for asset B?, 5. Dirt depreciates asset C by the straight-line method. On June 30, 20X8, Dirt sold asset C for P28,000 cash. How much gain (loss) should Dirt record in 2008 on the disposal of asset C?

4. Using the same depreciation method as used in 20X5, 20X6, and 20X7, how much depreciation expense should Dirt record in 20X8 for asset B?, 5. Dirt depreciates asset C by the straight-line method. On June 30, 20X8, Dirt sold asset C for P28,000 cash. How much gain (loss) should Dirt record in 2008 on the disposal of asset C?

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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