Tonyo Company uses the composite method of depreciation and has a composite rate of 25%. During 20x1, it sold assets with an original cost of ₱100,000 (residual value of ₱20,000) for ₱80,000 and acquired ₱60,000 worth of new assets (residual value of ₱10,000). The original group of assets had the following characteristics: Total Cost ₱250,000 Total Residual Value 30,000 The above original group includes the assets sold in 20x8 but not the assets purchased in 20x8. How much is the depreciation in 20x8? ___________
Tonyo Company uses the composite method of depreciation and has a composite rate of 25%. During 20x1, it sold assets with an original cost of ₱100,000 (residual value of ₱20,000) for ₱80,000 and acquired ₱60,000 worth of new assets (residual value of ₱10,000). The original group of assets had the following characteristics: Total Cost ₱250,000 Total Residual Value 30,000 The above original group includes the assets sold in 20x8 but not the assets purchased in 20x8. How much is the depreciation in 20x8? ___________
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Tonyo Company uses the composite method of depreciation and has a composite rate of 25%. During 20x1, it sold assets with an original cost of ₱100,000 (residual value of ₱20,000) for ₱80,000 and acquired ₱60,000 worth of new assets (residual value of ₱10,000). The original group of assets had the following characteristics:
Total Cost ₱250,000
Total Residual Value 30,000
The above original group includes the assets sold in 20x8 but not the assets purchased in 20x8. How much is the depreciation in 20x8? ___________
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