On April 1, 2021, Brandy Company had a machine with a cost of P5,000,000 and accumulated depreciation of P3,750,000. On April 1, 2021, the entity classified the machine as held for sale and decided to sell the machine within one year. On April 1, 2021, the machine had an estimated selling price of P500,000 with estimated disposal cost of P50,000 and a remaining useful life of two years. On December 31, 2021, the estimated selling price of the machine had increased to P750,000 with estimated

Q: Sunland Company purchased a machine on July 1, 2020, for $970000. The machine has an estimated…

A: The rate of depreciation under 150% declining balance method is calculated by dividing 150 by the…

Q: Provide the journal entries necessary to account for all the above transactions and events up to 1…

A: Journal entries is the recording of the business transactions in a manner which gives dual effect of…

Q: depreciation, what will be the debit to Depreciation Expense for the year ended December 31, 2020,…

A: Under the Straight Line Method (SLM), a fixed portion of the asset is depreciated every year till…

Q: On, April 1, 2020, S. Products Co. purchased new machinery for $450,000. The machinery has an…

A: The objective of the question is to journalize all entries required for the machine from April 1,…

Q: Vaughn Ltd. purchased a building on January 1, 2021 for $14,610,000. Vaughn accounted for this asset…

A: Jan 1, 21 Building    a/c                     Dr         1,46,10,000     >>>> To Bank…

Q: The Fisher Company purchased a machine on October 1, 2018, for $18,000. At the time of acquisition,…

A: Depreciable cost=Cost-Salvage value=$18,000-$5,000=$13,000

Q: Blossom Corporation purchased a new machine for its assembly process on August 1, 2020. The cost of…

A: Double declining rate = 2/useful life

Q: On March 1, 2023, Sunland Ltd. purchased a machine for $63,000 by paying $21,000 down and issuing a…

A: Fixed assets are those assets which are being held by business for longer period of time. These are…

Q: n January 1, 2021, Gleason Company purchased new machinery for $ 333,000. The new machine was…

A: The book value of an asset is calculated as cost less accumulated depreciation. The accumulated…

Q: Tamarisk Company purchased a machine on January 2, 2020, for $725,400. The machine has an estimated…

A:

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: Alex Company purchased a lathe on January 1, 2022, at a cost of $45,000. At the time of purchase,…

A: Straight-line depreciation is a method of allocating the cost of an asset evenly over its estimated…

Q: Swifty Corporation purchased a machine on July 1, 2020, for $910000. The machine has an estimated…

A: This is the case of 150% declining-balance method in which the depreciation rate is to be computed…

Q: TAKULAH Traders Ltd purchased a machine for $650 000 and there was an accumulated depreciation…

A: As per AASB 116, a revaluation gain on any asset should be recognized in other comprehensive income…

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, Ehrlich Inc. has a machine with a book value of $260,000. The original cost of…

A: Calculation of Net Book Value on June 1, 2021      Amount  Net Book value as on December 31,…

Q: ABC, Inc. purchased a crane on January 1, 2018, for P205,500. At the time of purchase, the crane was…

A: ABC, Inc. purchased a crane on January 1, 2018, for P205,500. At the time of purchase, the crane was…

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.