PPEB. Show the lapsing schedule as of December 31, 2022. B. PROPERTY, PLANT AND EQUIPMENTGabaldon Company's property, plant and equipment and accumulated depreciation balances atDecember 31, 2021 are:Machinery and equipmentAutomobiles and trucksLeasehold improvementsDepreciation policy:a. Depreciation methods and useful lives:Cost Accumulated DepreciationP 367,500P1,380,000210,000432,000114,326108,000• Machinery and equipment - straight line; 10 years.• Automobiles and trucks 150% declining balance; 5 years, all were acquired after2017.Leasehold improvements - straight lineb. Depreciation is computed to the nearest month.c. Salvage values are immaterial except for automobiles and trucks which have estimated salvagevalues equal to 15% of cost.Additional information:a. Gabaldon entered into a 12-year operating lease starting January 1, 2019. The leaseholdimprovements were completed on December 31, 2018 and the facility was occupied onJanuary 1, 2019.b. On July 1, 2022, machinery and equipment were purchased at a total invoice cost ofP325,000. Installation cost of P44,000 was incurred.c. On August 30, 2022, Gabaldon purchased new automobile for P25,000.d. On September 30, 2022, a truck with a cost of P48,000 and a carrying amount of P30,000 onDecember 31, 2021 was sold for P24,500.e. On December 20, 2022, a machine with a cost of P17,000, a carrying amount of P2,975 ondate of disposition, was sold for P4,000.

Lapsing scheduled of Fixed Assets : It is a spreadsheet that lists the purchase date,…

Answered: PPE B. Show the lapsing schedule as of…

Business

Accounting

PPE B. Show the lapsing schedule as of December 31, 202

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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