AA insert Construction Bhd just purchased some fixed assets that are classified as 5-year property for their asset. The proposed assets cost RM14,200, its installation costs RM700 and its shipping cost RM 320. What is the amount of the depreciation expense using the straight-line method (SLM)?
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AA insert Construction Bhd just purchased some fixed assets that are classified as 5-year property for their asset. The proposed assets cost RM14,200, its installation costs RM700 and its shipping cost RM 320. What is the amount of the depreciation expense using the straight-line method (SLM)?
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- 4. An asset that is book-depreciated over a 5-year period by the straight-linemethod has BV3 = ₱ 62,000 with a depreciation charge of ₱ 26,000 peryear. Determine (a) the first cost of the asset and (b) the assumed salvagevalueA piece of construction equipment (asset class 15.0) was purchased by the Jones Construction Company. The cost basis was $300,000. Solve, a. Determine the GDS and ADS depreciation deductions for this property. b. Compute the difference in PW of the two sets of depreciation deductions in Part (a) if i = 12% per year.Under MACRS, an asset which originally cost R100,000, incurred installation costs of R10,000, and has an estimated salvage value of R25,000, is being depreciated using a 5-year normal recovery period. What is the depreciation expense in year 1?
- Grover Inc. wishes to use the revaluation model for this property: Building Gross Value Building Accumulated Depreciation Net carrying value The fair value for the property is $100,000. What amount would be booked to the "accumulated depreciation" account if Grover chooses to use the proportional method to record the revaluation? OA. $20,000 credit B. $10,000 credit O C. SO Before Revaluation $120,000 40,000 80,000 D. $10,000 debitMarissa's company recently purchased a depreciable asset for $190,000. The estimated salvage value is $18,000, and the estimated useful life is 8 years. The straight-line method will be used for depreciation. Given this information, the depreciable base of the asset will be O $115,000. O $208,000. O $172,000. O $23,750. Submit Answer Save for LaterA fixed asset with a cost of $33,769.00 and accumulated depreciation of $30,392.10 is sold for $5,740.73. What is the amount of the gain or loss on disposal of the fixed asset? Select the correct answer. $2,363.83 gain $2,363.83 loss $3,376.90 loss $3,376.90 gain
- A fixed asset with a cost of $32,167.00 and accumulated depreciation of $28,950.30 is sold for $5,468.39. What is the amount of the gain or loss on disposal of the fixed asset? Select the correct answer. A. $2,251.69 loss B. $2,251.69 gain C. $3,216.70 gain D. $3,216.70 lossA property with a depreciable cost of ₱5,600,000 with original residual value of ₱200,000 after 15 years of useful life, had been revalued at a replacement cost of ₱6,500,000 with a residual of ₱50,000. About 1/3 of the asset's life had expired and the straight line method for depreciation is used. What is the age of the asset in years? Compute for the revaluation surplus and provide the correct journal entry.A fixed asset with a cost of $31,304 and accumulated depreciation of $28,173.60 is sold for $5,321.68. What is the amount of the gain or loss on disposal of the fixed asset?
- Consider a 5-year MACRS property asset with an installed and “made ready for use” cost basis of $100. (Note: The $100 value used here is for illustration purposes in developing the rates. One would not depreciate an asset with a cost basis of only $100.) Develop the MACRS percentage rates (rt) for the asset based on the underlying depreciation methods.A depreciable asset has a cost of P120,000, estimated useful life of 8 years, and an estimated residual value of P20,000.1. What is the depreciation rate if you are using the straight line method?2. What is the depreciation rate if you are using 150% declining balance method?3. What is the depreciation rate if you are using double declining balance method?Note: For nos. 1 to 3, the rate must be rounded off to two decimal places. Ex: 10.00%, 12.30%, 15.55%4. What is the depreciation rate if you are using the declining balance method?Note: For no. 4, the rate must be rounded off to 6 decimal places. Ex: 10.123456%5. Using SYD method, what is the depreciation expense for the 1st year?6. Using SYD method, what is the carrying amount at the end of the 6th year?7. Using double declining balance method, what is the carrying amount at the end of the 3rd year? Subparts 4-5 onlyA depreciable asset has a cost of P120,000, estimated useful life of 8 years, and an estimated residual value of P20,000.1. What is the depreciation rate if you are using the straight line method?2. What is the depreciation rate if you are using 150% declining balance method?3. What is the depreciation rate if you are using double declining balance method?Note: For nos. 1 to 3, the rate must be rounded off to two decimal places. Ex: 10.00%, 12.30%, 15.55%4. What is the depreciation rate if you are using the declining balance method?Note: For no. 4, the rate must be rounded off to 6 decimal places. Ex: 10.123456%5. Using SYD method, what is the depreciation expense for the 1st year?6. Using SYD method, what is the carrying amount at the end of the 6th year?7. Using double declining balance method, what is the carrying amount at the end of the 3rd year?