ROSE Company purchased machinery on January 1, 2020. It has an estimated useful life of four years and a residual value of ₱500,000.

Q: On January 1, 2021, Marigold company acquired a computer amounting to P47,000, transportation cost…

A: Cost of computer = Purchase price of computer + transportation cost + installation cost of desk…

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: Mandu Corp. acquired a machine at a total cost of P5,200,000. The estimated life of the machine is 8…

A: Depreciation per hour = (Cost of the assets - Salvage value) / Total estimated operating machine…

Q: Clean Corporation purchased a depreciable asset for $1,560,000 on January 1, 2015. The estimated…

A: DEPRECIATION EXPENSE Depreciation means gradual decrease in the value of an asset due to normal wear…

Q: January 1, 2017, BMB Corporation acquired machinery at a cost of ₱500,000. BMB adopted the…

A: As per IAS 8, Accounting policies, changes in Accounting estimates and errors  A change in method of…

Q: ARON Corp. acquired a machine at a total cost of P5,200,000. The estimated life of the machine is 8…

A: Depreciation per hour = (Cost of the assets - Salvage value) / Total estimated operating machine…

Q: On January 1, 2018, an entity purchased a machine for P7,200,000 and depreciated it by the straight…

A: Since there are multiple questions, we will solve first for you. To get the remaining questions…

Q: On January 1, 2018, Shopee Company purchased an equipment with an estimated useful life of 8 years.…

A: Solution: Under sum of years digit method of depreciation, depreciation is expected to be higher in…

Q: Sheridan Corporation bought equipment on January 1, 2021. The equipment cost $354000 and had an…

A: Under Straight line method, depreciable amount if an asset is evenly spread over its life.…

Q: On January 2, 2015, ABC Company acquired equipment to be used in its manufacturing operations. The…

A: Under the SYD method, the depreciation rate percentage for each year is calculated as the number of…

Q: Cellphone Company purchased an equipment on January 2, 2017 for P3,000,000. At the date of…

A: Depreciation per year =Cost of the equipment-salvage valueuseful life=3,000,000-06=500,000.…

Q: Goliath Company purchased an equipment on January 2, 2017 for P3,000,000. At the date of…

A: The following computations are done for Goliath Company.

Q: Clean Corporation purchased a depreciable asset for $1,560,000 on January 1, 2015. The estimated…

A: Depreciation expense is the non-cash expense which is determined by the entity to charge regular…

Q: 1. Which depreciation method is the company using in each example? 2. Compute the depreciation…

A: (1). N Company purchased as asset for $17,000 on January 2, 2021. The asset has an expected residual…

Q: Dolores Corporation acquired Machine costing P500,000 on January 2, 2021. The estimated useful life…

A: DEPRECIATION EXPENSE Depreciation means gradual decrease in the value of an asset due to normal…

Q: Machinery was bought October 2,2021. Machinery costing $182 900 inclusive of $600 installation…

A: The sum-of-year-digit (SYD) method is an accelerated method for recording depreciation expense. It…

Q: Bataan Company purchased a machinery that was installed and ready for use on January 1, 2019 at a…

A: Depreciation expense is the cost portion which is allocated to the fixed assets of the company and…

Q: On January 3, 2019, Soju Co. purchased machinery. The machinery has an estimated useful life of…

A: Sum of Years Digit = [n (n+1)/2]  here n = total life of assets = 8 years Therefore Sum of Years…

Q: Netsol Communication purchased equipment on January 1, 2018, for $27,500. Suppose Netsol…

A: Formula: Ending book value = Beginning book value - Accumulated  depreciation.

Q: Richard Co. incurred research and development costs in 2021 as follows: Equipment acquired for use…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: On January 3, 2019, Soju Co. purchased machinery. The machinery has an estimated useful life of…

A: Sum of the years digits = n(n+1)/2 Sum of the years digits =  8(8+1)/2 Sum of the years digits =…

Q: On January 2, 2020, VSG purchased a transportation equipment costing P2,400,000. The new asset has…

A: Depreciation expense: Depreciation expense is the reduction in the particular asset due to its use…

Q: Haemul Pajeon Company purchased a machine on January 2, 2018 for $500,000. The machine has an…

A: The depreciation is a decline in the value of tangible assets over their useful life. it is a…

Q: 3. On August 31, 2019, CAMELLIA Company purchased a new machinery for ₱540,000. The machinery has an…

A: On August 31, 2019, CAMELLIA Company purchased a new machinery for ₱540,000. The machinery has an…

Q: On April1, 2021,DG Corporation purchased an equipment with cost of 150000. The company estimate that…

A: Every fixed asset loses its value over the period of time. Depreciation is being recorded on cost of…

Q: On October 1, 2020, Saria Company purchased equipment for $13,000 with an estimated useful life of 3…

A: Depreciation means decline in the estimation of benefit inside its valuable life because of mileage…

Q: Crane Company purchased a machine on July 1. 2020, for $900000. The machine has an estimated useful…

A: The declining balance method is a method of charging the depreciation in which the higher amount of…

Q: On January 1, 2018, Jane Company purchased an equipment with an estimated useful life of 8 years.…

A: Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of the…

Q: On January 1, 2021, Cake Company acquired a factory equipment at a cost of P450,000. The equipment…

A: Lets understand the basics. As per IAS 36, "Impairement of assets", when recoverable amount of asset…