Problem 27-16 (AICPA Adapted) Ambitious Company showed the following schedule of depreciable assets on January 1, 2020. Accumulated depreciation Acquisition date Residual Asset Cost A В 4,000,000 2,000,000 2,800,000 2,560,000 1,440,000 1,344,000 2018 2017 2017 400,000 200,000. 560,000 The useful life of each asset is 5 years. The entity takes a full depreciation in the year of acquisition and no depreciation in the year of disposition. Asset C was sold for P1,700,000 on June 30, 2020. Asset A is depreciated under the double declining method. 1: What is the depreciation of Asset A for 2020? 1,600,000 b. а. 1,440,000 416,000 576,000 с. d. 2. What is the depreciation of Asset B for 2020 ansuming same method in prior years? a. 240,000 b. 480,000 c. 360,000 d. 400,000 3. What is the gain on sale of Asset C? a. 244,000 b. 464,000 c. 356.000

Problem 27-16 (AICPA Adapted) Ambitious Company showed the following schedule of depreciable assets on January 1, 2020. Accumulated depreciation Acquisition date Residual Asset Cost A В 4,000,000 2,000,000 2,800,000 2,560,000 1,440,000 1,344,000 2018 2017 2017 400,000 200,000. 560,000 The useful life of each asset is 5 years. The entity takes a full depreciation in the year of acquisition and no depreciation in the year of disposition. Asset C was sold for P1,700,000 on June 30, 2020. Asset A is depreciated under the double declining method. 1: What is the depreciation of Asset A for 2020? 1,600,000 b. а. 1,440,000 416,000 576,000 с. d. 2. What is the depreciation of Asset B for 2020 ansuming same method in prior years? a. 240,000 b. 480,000 c. 360,000 d. 400,000 3. What is the gain on sale of Asset C? a. 244,000 b. 464,000 c. 356.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Question

Problem 27-16 (AICPA Adapted)
Ambitious Company showed the following schedule of
depreciable assets on January 1, 2020.
Accumulated
depreciation
Acquisition
date
Residual
Asset
Cost
4,000,000
2,000,000
2,800,000
2,560,000
1,440,000
1,344,000
2018
2017
2017
400,000
200,000.
560,000
The useful life of each asset is 5 years. The entity takes a full
depreciation in the year of acquisition and no depreciation
in the year of disposition.
Asset C was sold for P1,700,000 on June 3ọ, 2020.
O on
Asset A is depreciated under the double declining method.
1: What is the depreciation of Asset A for 2020?
1,600,000
b.
а.
1,440,000
416,000
576,000
с.
d.
2. What is the depreciation of Asset B for 2020 ansuming same
method in prior years?
а. 240,000
b. 480,000
c. 360,000
d. 400,000
3. What is the gain on sale of Asset C?
a. 244,000
b. 464,000
c. 356,000
d. 804,000
CS Scanned with CamScanner
ABC

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