Homework Help is Here – Start Your Trial Now!
Business
Accounting
What is the depreciation of the building for 2021?

What is the depreciation of the building for 2021?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

SHOW SOLUTIONS IN GOOD ACCOUNTING FORM

Ping Company provided the following information with respect to its building: The building was acquired January 1, 2016 at a cost of P7,800,000 with an estimated useful life of 40 years and residual value of P200,000. Yearly depreciation was computed on the straight line method. The building was renovated on January 1, 2018 at a cost of P760,000. This was considered as improvement. Residual value did not change. • On January 1, 2021, the management decided to change the total life of the building to 30 years. What is the depreciation of the building for 2021?
Transcribed Image Text:Ping Company provided the following information with respect to its building: The building was acquired January 1, 2016 at a cost of P7,800,000 with an estimated useful life of 40 years and residual value of P200,000. Yearly depreciation was computed on the straight line method. The building was renovated on January 1, 2018 at a cost of P760,000. This was considered as improvement. Residual value did not change. • On January 1, 2021, the management decided to change the total life of the building to 30 years. What is the depreciation of the building for 2021?
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Data and information
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS