Canyon Company determined that the amortization rate on its patents is unacceptably low due to current advances in technology. The entity decided at the beginning of 2011 to decrease the estimated useful life on all existing patents from 10 years to 8 years. Patents were purchased on January 1, 2006 for P3,000,000. The estimated residual value is zero. Canyon Company decided on January 1, 2011 to change its depreciation method for manufacturing equipment from an accelerated method to straight line method. On January 1, 2011, the total historical cost of depreciable assets is P8,000,000 and the accumulated depreciation on those assets is P3,400,000. The expected remaining useful life of depreciable assets on January 1, 2011 is 10 years and the expected residual value is P200,000. What is the total charge against 2011 income as a result of the accounting changes? a. 940,000 b.960,000 c.627,500 d.647,500 Please show solution to guide me in answering. Thanks!

Canyon Company determined that the amortization rate on its patents is unacceptably low due to current advances in technology. The entity decided at the beginning of 2011 to decrease the estimated useful life on all existing patents from 10 years to 8 years. Patents were purchased on January 1, 2006 for P3,000,000. The estimated residual value is zero. Canyon Company decided on January 1, 2011 to change its depreciation method for manufacturing equipment from an accelerated method to straight line method. On January 1, 2011, the total historical cost of depreciable assets is P8,000,000 and the accumulated depreciation on those assets is P3,400,000. The expected remaining useful life of depreciable assets on January 1, 2011 is 10 years and the expected residual value is P200,000. What is the total charge against 2011 income as a result of the accounting changes? a. 940,000 b.960,000 c.627,500 d.647,500 Please show solution to guide me in answering. Thanks!

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Description: Please help me answer fast without plagiarism i give up vote Canyon Company determined that the amortization rate on its patents isunacceptably low due to current advances in technology. The entity decided at thebeginning of 2011 to decrease the esti

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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