Determine the Depreciation Expense for the calendar year 2019 on the following non - current assets of ABC Companybased on straight line method of depreciation:AcquisitionSalvage Est.AssetCostDepreciationDateValueLifeComputerJun 01, 2019P70,000P10,0004||

Introduction:- Depreciation is non cash expenditure. Depreciation charged on fixed asset over a…

Determine the Depreciation Expense for the calendar year 2019 on the following non - current assets of ABC based on straight-line method of depreciation: Acquisition Salvage Est. Asset Cost Depreciation Date Value Life Computer Jun 01, 2019 P70,000 P10,000 4 ||

Determine the Depreciation Expense for the calendar year 2019 on the following non - current assets of ABC based on straight-line method of depreciation: Acquisition Salvage Est. Asset Cost Depreciation Date Value Life Computer Jun 01, 2019 P70,000 P10,000 4 ||

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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Pharoah Limited purchased a machine on account on April 1, 2024, at an invoice price of $356,620. On April 2, it paid $2,130 for delivery of the machine. A one-year, $3,970 insurance policy on the machine was purchased on April 5. On April 19, Pharoah paid $7,590 for installation and testing of the machine. The machine was ready for use on April 30. Pharoah estimates the machine's useful life will be five years or 6,212 units with a residual value of $73,690. Assume the machine produces the following numbers of units each year: 896 units in 2024; 1,400 units in 2025; 1,405 units in 2026; 1,396 units in 2027; and 1,115 units in 2028. Pharoah has a December 31 year end. - Show Transcribed Text Your answer is partially correct. Ű Ć Assume that the company, after recording depreciation using the straight-line method, for the first four months of 2026, determined on May 1, 2026 that the machine could be operated for one more year than originally estimated. Because of this, the residual…
Blossom Computer Company sold two pieces of equipment in 2028. The following information pertains to the two pieces of equipment: Machine #1 #2 Cost $68,800 $76,000 Purchase Useful Salvage Date Life Value 7/1/24 1/1/27 5 yrs. 5 yrs. $4,800 $4,000 Depreciation Method Straight-line Date Sold 7/1/28 Double-declining-balance 12/31/281 Sales Price $16,000 $29,600
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A machine was purchased on 1 January 2021 and the other details of the machine are:- Cost of machine N$324 000 Depreciation rate 5 % Determine the amount of deprecation as at 31 December 2021
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