6. A milling machine costing P500,000 has an estimated useful life of 5 years with a scarp value ofP6,000. In addition, it also estimated that its useful life to be 104,000 units of production and thenumbers of units produced each year is estimated as follows:1st year - 24,400 units2nd year - 23,000 units3rd year 19,800 units4thyear - 18,800 units5th year - 18,000 unitsConstruct a depreciation schedule using the following depreciation methods:a) Straight-line methodb) Product Units methodc) Sum-of-Year's digit methodd) Fixed-rate method/double declining balance method

Depreciation is considered as an expense charge on the value of the Asset. It can be calculated by…

A milling machine costing P500,000 has an estimated useful life of 5 years with a scarp value of P6,000. In addition, it also estimated that its useful life to be 104,000 units of production and the numbers of units produced each year is estimated as follows: 1st year - 24,400 units 2nd year - 23,000 units 19,800 units 3rd year 4th year 18,800 units 5th year 18,000 units Construct a depreciation schedule using the following depreciation methods: a) Straight-line method b) Product Units method c) Sum-of-Year's digit method d) Fixed-rate method/double declining balance method

A milling machine costing P500,000 has an estimated useful life of 5 years with a scarp value of P6,000. In addition, it also estimated that its useful life to be 104,000 units of production and the numbers of units produced each year is estimated as follows: 1st year - 24,400 units 2nd year - 23,000 units 19,800 units 3rd year 4th year 18,800 units 5th year 18,000 units Construct a depreciation schedule using the following depreciation methods: a) Straight-line method b) Product Units method c) Sum-of-Year's digit method d) Fixed-rate method/double declining balance method

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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