A tax and duty-free importation of a 30-horsepower sand mill for paint manufacturing costs P360,000, CIF Manila. Bank charges, arrester and brokerage cost P5,000. Foundation and installation costs were P25,000. Other incidental expenses amount to P20,000. Salvage value of the mill is estimated to be P60,000 after 20 years. Find the appraisal value of the mill using straight-line depreciation at the end of 15 years.
A tax and duty-free importation of a 30-horsepower sand mill for paint manufacturing costs P360,000, CIF Manila. Bank charges, arrester and brokerage cost P5,000. Foundation and installation costs were P25,000. Other incidental expenses amount to P20,000. Salvage value of the mill is estimated to be P60,000 after 20 years. Find the appraisal value of the mill using straight-line depreciation at the end of 15 years.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Show the required, solution and box your final answer on
your answer sheets. Variables used outside of the discussion will not
be credited with full points unless defined.
Transcribed Image Text:A tax and duty-free importation of a 30-horsepower sand mill
for paint manufacturing costs P360,000, CIF Manila. Bank
charges, arrester and brokerage cost P5,000. Foundation and
installation costs were P25,000. Other incidental expenses
amount to P20,000. Salvage value of the mill is estimated to
be P60,000 after 20 years. Find the appraisal value of the
mill using straight-line depreciation at the end of 15 years.
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