Note: 2 decimal places. An equipment costs Php 10,000 with a salvage value of Php 500 at the end of 10 years. Calculate the total depreciation charge and book value at the end of 7 years using:a. straight line methoddepreciation charge: Php 6650book value: Php 3350b. sinking fund method at 4% interestdepreciation charge: Phpbook value: Php 3750.36c. declining balance methoddepreciation charge: Php 8771.77book value: Php1228.236249.64d. double declining balance methoddepreciation charge: Php 7902.85book value: Php 2097.15e. sum of the year's digit methoddepreciation charge: Phpbook value: Php

Depreciation is the reduction in the value of asset due to normal wear and tear Effluxion of time.…

Answered: a. straight line method depreciation…

a. straight line method depreciation charge: Php 6650 book value: Php 3350 b. sinking fund method at 4% interest depreciation charge: Php 6249.64 book value: Php 3750.36

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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Question

Note: 2 decimal places.

An equipment costs Php 10,000 with a salvage value of Php 500 at the end of 10 years. Calculate the total depreciation charge and book value at the end of 7 years using:
a. straight line method
depreciation charge: Php 6650
book value: Php 3350
b. sinking fund method at 4% interest
depreciation charge: Php
book value: Php 3750.36
c. declining balance method
depreciation charge: Php 8771.77
book value: Php
1228.23
6249.64
d. double declining balance method
depreciation charge: Php 7902.85
book value: Php 2097.15
e. sum of the year's digit method
depreciation charge: Php
book value: Php

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