4. What is the total depreciation expense for the year ended December 31, 2022? B. PROPERTY, PLANT AND EQUIPMENTGabaldon Company's property, plant and equipment and accumulated depreciation balances atDecember 31, 2021 are:Machinery and equipmentAutomobiles and trucksLeasehold improvementsDepreciation policy:a. Depreciation methods and useful lives:Cost Accumulated DepreciationP 367,500P1,380,000210,000432,000114,326108,000• Machinery and equipment - straight line; 10 years.• Automobiles and trucks 150% declining balance; 5 years, all were acquired after2017.Leasehold improvements - straight lineb. Depreciation is computed to the nearest month.c. Salvage values are immaterial except for automobiles and trucks which have estimated salvagevalues equal to 15% of cost.Additional information:a. Gabaldon entered into a 12-year operating lease starting January 1, 2019. The leaseholdimprovements were completed on December 31, 2018 and the facility was occupied onJanuary 1, 2019.b. On July 1, 2022, machinery and equipment were purchased at a total invoice cost ofP325,000. Installation cost of P44,000 was incurred.c. On August 30, 2022, Gabaldon purchased new automobile for P25,000.d. On September 30, 2022, a truck with a cost of P48,000 and a carrying amount of P30,000 onDecember 31, 2021 was sold for P24,500.e. On December 20, 2022, a machine with a cost of P17,000, a carrying amount of P2,975 ondate of disposition, was sold for P4,000.

Depreciation expense is the amount used to depreciate a company's assets for a certain period of…

B. PROPERTY, PLANT AND EQUIPMENT Gabaldon Company's property, plant and equipment and accumulated depreciation balances at December 31, 2021 are: Machinery and equipment Automobiles and trucks Leasehold improvements Depreciation policy: a. Depreciation methods and useful lives: • Machinery and equipment • Automobiles and trucks 2017. Cost Accumulated Depreciation P 367,500 114,326 108,000 P1,380,000 210,000 432,000 straight line; 10 years. 150% declining balance; 5 years, all were acquired after

B. PROPERTY, PLANT AND EQUIPMENT Gabaldon Company's property, plant and equipment and accumulated depreciation balances at December 31, 2021 are: Machinery and equipment Automobiles and trucks Leasehold improvements Depreciation policy: a. Depreciation methods and useful lives: • Machinery and equipment • Automobiles and trucks 2017. Cost Accumulated Depreciation P 367,500 114,326 108,000 P1,380,000 210,000 432,000 straight line; 10 years. 150% declining balance; 5 years, all were acquired after

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section19.3: Journalizing Depreciation Expense

Problem 1OYO

See similar textbooks

Similar questions

Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets April 1 May 1 June 1 Tig as platit assets. July 1 Dec. 31 $29,770,000 During 2023, the following selected cash transactions occurred. 12,500,000 47,890,000 4,870,000 $4,360,000 17,270,000 43,020,000 $64,650,000 Purchased land for $2,030,000. Sold equipment that cost $1,110,000 when purchased on January 1, 2019. The equipment was sold for $666,000. Sold land purchased on June 1, 2013 for $1,490,000. The land cost $391,000. Purchased equipment for $2,580,000. Retired equipment that cost $489,000 when purchased on December 31, 2013.
Identifying and Recording Impairment Loss on Plant Asset Three cases are provided below concerning a plant asset currently used in operations. Case Carrying Value Recoverable Cost Fair Value A $18,000 B 16,000 с 12,000 $16,000 18,000 24,000 $24,000 26,000 16,000 Required a. Which case(s), if any, requires an impairment loss to be recognized, and for what amount? Assume that indicators of impairment are present in all cases. Case A $ Case B $ Case C $ Note: If the asset is not impaired, enter a zero (or leave blank) for the loss. Note: Do not use negative signs with your answers. Impairment Loss b. Record the entry for the impairment loss on the case(s) identified in part a (if any). Note: If a line in a journal entry isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr. answers blank (zero). Account Name ♦ ♦ Dr. Cr.
Pares
The intangible assets and goodwill reported by Sunland Corporation at December 31, 2020, follow: Copyrights (#1) $36,120 Less: Accumulated amortization $ 18,060 18,060 Trademarks 53,130 Goodwill 124,750 Total $195,940 A copyright (#1) was acquired on January 1, 2019, and has a useful life of four years. The trademarks were acquired on January 1, 2017, and are expected to have an indefinite life. The company has a December 31 year end and prepares adjusting journal entries annually. The following cash transactions may have affected intangible assets and goodwill during 2021: Jan. Paid $6,690 in legal costs to successfully defend the trademarks against infringement by another company. July Developed a new product, incurring $193,940 in research and $48,300 in development costs with probable future benefits. The product is expected to have a useful life of 21 years. Sept. Paid $59,790 to a popular hockey player to appear in commercials advertising the company's products. The commercials…
rr
Subject:
Kindly find attached information, please can you assist accordingly? thanks.
Property Plant Equipment will be classified at year end at what amount? "Apply PAS 36" Historical Cost Cost Lower of Cost or Net Realizable Value Carrying Value
Subject - account Please help me
Q5 Under CCA method, depreciation is provided on the _____ of the asset: a. Historical cost b. Past cost c. Current cost d. Original cost
Based on the information presented, what is the group or composite life of the assets?
Case 9. The assets and liabilities of a manufacturing plant of Joy Company form a disposal group. The criteria forclassification are met on January 1, 2020, As of January 1, 2020 its carrying amount of the assets and liabilities of theplant are as follows:Goodwill allocated 200,000,000Land and building 150,000,000Plant, machinery and equipment 491,700,000Investment property 130,000,000Receivables and financial assets 75,000,000Inventories, net of writedown 110,000,000Borrowings (300,000,000)Carrying Value 856,700,000The investment property has been reported at its current fair value at the reporting date December 31, 2020. Thereceivables and financial assets were properly valued at 75,000,000. The inventories were properly valued at net realizablevalue at the reporting date.Negotiations to dispose of the manufacturing plant to JIT company is in the advanced stage and the buyer is willing to paya price of 603,400,000 to buy the plant as a whole. Cost to sell is estimated at 1,700,000.9.…