On September 1, 2019, NATSUDRAGNEEL Company paid P2, 000,000 for the purchase price of theequipment acquired. NATSUDRAGNEEL also paid P20, 000 fornonrefundable sales taxes and P130,000 for installation cost. Theequipments estimated useful life is10 years and residual value of P300,000. On January 1, 2023, NATSUDRAGNEEL revised the total usefullife of the asset to 15 years fromacquisition date and residual value toP150, 000. Compute:Using the half-year convention &double-declining balance methodwhat is the depreciation expense for2021?

It is a traditional method of Accounting which states that "Fixed Asset is assumed to be service /…

Answered: On September 1, 2019, NATSU DRAGNEEL…

On September 1, 2019, NATSU DRAGNEEL Company paid P2, 000, 000 for the purchase price of the equipment acquired. NATSU DRAGNEEL also paid P20, 000 for nonrefundable sales taxes and P130,

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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