Use the following information for the next two (2) questions: On April 1, 2022, Pacific Corporation purchased for P2,700,000 a tract of land, a warehouse and an office building. The following data were collected regarding the property. Appraised values 875,000 375,000 1,000,000 Vendors' book value 700,000 400,000 975 000 Land Warehouse Office building 1) What are the appropriate amounts that Pacific should record for the land, warehouse and office building, respectively? Office building 1,215,000 1.200,000 Warehouse 400,000 375,000 Office building 900,000 1,000,000 Land Warehouse Land 700,000 875,000 945,000 1,050,000 540,000 450,000 A C. В. D. 2) Assume an estimated useful life of 10 years for the warehouse & office building and an estimated salvage value of 10%, what is the depreciation expense for the warehouse and office building in 2022 under sum-of-years digits method? Office building Warehouse Office building Warehouse 218, 182 290,909 73,636 196,364 55,227 147,273 C. 81,818 61,364 A B. D.

Use the following information for the next two (2) questions: On April 1, 2022, Pacific Corporation purchased for P2,700,000 a tract of land, a warehouse and an office building. The following data were collected regarding the property. Appraised values 875,000 375,000 1,000,000 Vendors' book value 700,000 400,000 975 000 Land Warehouse Office building 1) What are the appropriate amounts that Pacific should record for the land, warehouse and office building, respectively? Office building 1,215,000 1.200,000 Warehouse 400,000 375,000 Office building 900,000 1,000,000 Land Warehouse Land 700,000 875,000 945,000 1,050,000 540,000 450,000 A C. В. D. 2) Assume an estimated useful life of 10 years for the warehouse & office building and an estimated salvage value of 10%, what is the depreciation expense for the warehouse and office building in 2022 under sum-of-years digits method? Office building Warehouse Office building Warehouse 218, 182 290,909 73,636 196,364 55,227 147,273 C. 81,818 61,364 A B. D.

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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