The next four items are based on the following information: Dirt Corporation schedule of depreciable assets at December 31, 20X7 was as follows: Ассит. Depreciation 64,000 36,000 33,600 Acquisition date 20X6 Asset Cost Residual value 20,000 10,000 14,000 А 100,000 55,000 70,000 В 20X5 C 20X5 Dirt takes a full year's depreciation expense in the year of an assetť's acquisition, and no depreciation expense in the year of an asset's disposition. The estimated useful life of each depreciable asset is 5 years. 2. Dirt depreciates asset A on the double-declining-balance method. How much depreciation expense should Dirt record in 20X8 for asset A? 3. Dirt depreciates asset A on the double-declining-balance method. How much depreciation expense should Dirt record in 20X9 for asset A? 4. Using the same depreciation method as used in 20X5, 20X6, and 20X7, how much depreciation expense should Dirt record in 20X8 for asset B? 5. Dirt depreciates asset C by the straight-line method. On June 30, 20X8, Dirt sold asset C for P28,000 cash. How much gain (loss) should Dirt record in 2008 on the disposal of asset C?

The next four items are based on the following information: Dirt Corporation schedule of depreciable assets at December 31, 20X7 was as follows: Ассит. Depreciation 64,000 36,000 33,600 Acquisition date 20X6 Asset Cost Residual value 20,000 10,000 14,000 А 100,000 55,000 70,000 В 20X5 C 20X5 Dirt takes a full year's depreciation expense in the year of an assetť's acquisition, and no depreciation expense in the year of an asset's disposition. The estimated useful life of each depreciable asset is 5 years. 2. Dirt depreciates asset A on the double-declining-balance method. How much depreciation expense should Dirt record in 20X8 for asset A? 3. Dirt depreciates asset A on the double-declining-balance method. How much depreciation expense should Dirt record in 20X9 for asset A? 4. Using the same depreciation method as used in 20X5, 20X6, and 20X7, how much depreciation expense should Dirt record in 20X8 for asset B? 5. Dirt depreciates asset C by the straight-line method. On June 30, 20X8, Dirt sold asset C for P28,000 cash. How much gain (loss) should Dirt record in 2008 on the disposal of asset C?

Name: The next four items are based on the following information:Dirt Corpo
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Description: The next four items are based on the following information:Dirt Corporation schedule of depreciable assets at December 31, 20X7 was as follows:Ассит.Acquisition dateDepreciation64,00036,00033,600AssetCostResidual valueА100,00055,00070,00020X620,0001

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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H1.
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