QUIZ 2:1. On January 1, 20x1 Buckle Co. purchased a machine that had a list price of P46,320. Buckle Co.paid cash of P18,000 and executed a one-year non-interest-bearing note for the balance. Thegoing rate of interest was 18%. The machine has a 6-year life and no residual value.Depreciation expense on the SYD basis at the end of 20x1 is:The next four items are based on the following information:Dirt Corporation schedule of depreciable assets at December 31, 20X7 was as follows:Асcum.Depreciation64,00036,00033,600Acquisition date Residual value20,00010,00014,000AssetCost100,00055,00070,00020X620X520X5Dirt takes a full year's depreciation expense in the year of an asset's acquisition, and no depreciationexpense in the year of an asset's disposition. The estimated useful life of each depreciable asset is 5years.2. Dirt depreciates asset A on the double-declining-balance method. How much depreciationexpense should Dirt record in 20X8 for asset A?_3. Dirt depreciates asset A on the double-declining-balance method. How much depreciationexpense should Dirt record in 20X9 for asset A?ABC

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QUIZ 2: 1. On January 1, 20x1 Buckle Co. purchased a machine that had a list price of P46,320. Buckle Co. paid cash of P18,000 and executed a one-year non-interest-bearing note for the balance. The going rate of interest was 18%. The machine has a 6-year life and no residual value. Depreciation expense on the SYD basis at the end of 20x1 is:

QUIZ 2: 1. On January 1, 20x1 Buckle Co. purchased a machine that had a list price of P46,320. Buckle Co. paid cash of P18,000 and executed a one-year non-interest-bearing note for the balance. The going rate of interest was 18%. The machine has a 6-year life and no residual value. Depreciation expense on the SYD basis at the end of 20x1 is:

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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