depreciation is computed on the straight line.

Q: On January 1, 2018, Parneet Fitness Centre paid $690,000 for exercise equipment that had an…

A: Hi studentSince there are multiple subparts asked, we will answer only first three…

Q: Gulf Corp. purchased machinery for $250,000 on May 1, 2019. It is estimated that it will have a…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Parnell Company acquired construction equipment on January 1, 2020, at a cost of $77,400. The…

A: Given information:

Q: At the beginning of 2022, Robotics Incorporated acquired a manufacturing facility for $13.2 million.…

A: Depreciation means the loss in value of assets because of usage of assets, passage of time or change…

Q: A business’ building has a cost of ₱ 3,340,000 with a useful life of 10 years. On June 25,2020, the…

A: The total property plant and equipment are those that provide long-term economic benefits and…

Q: At the half of the year 2021, Rosary Co. reported the following information: Equipment t cost…

A: Revaluation surplus is the amount which is reported at the year-end after computing the surplus by…

Q: On January 1, 2021, Entity A received land with fair of ₱200,000 from the government conditioned on…

A: Depreciation is the allocation of cost of the asset over the useful life of the asset. There are…

Q: anuary 1, 2018, Hot Corporation acquired equipment at a cost of ₱1,800,000. Hot adopted the…

A: Depreciation is the decrease in the value of the assets due to their usage. Every asset has certain…

Q: On December 31, 2020, James Co. had a building with a cost of P30,000,000.00 and accumulated…

A: Under the 150% declining balance method, the rate of depreciation is calculated as 150% *…

Q: On lanuary 1, 2021, Contagious Company provided the folowing information related to the land and…

A: Contentious company has : Land 50,000,000 Building 450,000,000 Accumulated depreciation on…

Q: Coachwhip Corporation purchased a machinery on January 1, 2022 for P5,000,000. The same had an…

A: Answer) Calculation of Revaluation Surplus Revaluation Surplus = Fair Value of Equipment on January…

Q: Culver Ltd. purchased a building on January 1, 2021 for $14,880,000. Culver accounted for this asset…

A: Journal entries are prepared before preparing any other ledger account, financial statement, etc.…

Q: On December 31, 2020, Flounder Inc. has a machine with a book value of $1,071,600. The original cost…

A: Journal entries are recording of the transaction in the accounting journal in a chronological order.…

Q: 0 and building at ₱70,000,000. The original useful life of the building is 20 years and depreciation…

A: Given: To calculate the revaluation surplus on Dec 31, 2020 as,

Q: 3. On August 31, 2019, CAMELLIA Company purchased a new machinery for ₱540,000. The machinery has an…

A: On August 31, 2019, CAMELLIA Company purchased a new machinery for ₱540,000. The machinery has an…

Q: On October 1, 2021, Hess Company places a new asset into service. The cost of the asset is $120,000…

A: Depreciation expense: Depreciation expense is the reduction in a particular asset due to its use or…

Q: On December 31, 2020, RJ Co. had delivery equipment in the total cost of P1,000,000.00 and…

A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…

Q: On April1, 2021,DG Corporation purchased an equipment with cost of 150000. The company estimate that…

A: Every fixed asset loses its value over the period of time. Depreciation is being recorded on cost of…

Q: Parnell Company acquired construction equipment on January 1, 2023, at a cost of $77,000. The…

A: A journal entry is used to record a corporate transaction in the accounting records of a company. A…

Q: A building was acquired on January 1, 2019 at an original cost of P16,000,000, with zero residual…

A: Rate of depreciation under double-declining balance method = (1/Useful life) * 100 * 2 Rate of…

Q: On January 1, 2018, Bie Corp. purchased a new building at a cost of P3 million. Depreciation was…

A: Revaluation Surplus To Calculating the Revaluation surplus first to calculate the Carrying amount of…

Q: Assume that additional information has been provided relating to the cost ($984,000). There are…

A: Straight line depreciation = (Cost of Asset - Residual Value) / Useful life

Q: On January 1, 2020, PEONY Company showed land with a carrying amount of ₱10,000,000 and building…

A: Revaluation surplus = carrying amount - revalued amount

Q: On July 1, 2020, Concord Corporation purchased factory equipment for $283000. Salvage value was…

A: Solution: Under Double declining balance method of depreciation, depreciation is based on double the…

Q: On January 5, 2021, Lighter Company acquired a building. The building had an estimated useful life…

A: Depreciation means the amount fixed assets written off due to normal wear and tear , normal usage ,…