amela Company acquired a welding machine on account with an invoice price of P5,000,000 subject to a cash discount of 10% which was not taken. Jamela Company incurred freight and insurance during shipment of P50,000 and testing and installation cost of P150,000. Welding supplies were acquired at a cost of P80,000.    The residual value is 10% of its total cost while its estimated useful life is 5 years.    What is the cost of the new welding machine? How much is the depreciable amount of the new welding machine?  How much is the annual depreciation using the straight line method?

Ace Company buys a machine on April 1, Year One, for $50,000 in cash. It has a residual value of $10,000 and an expected useful life of ten years. The straight-line method and the half-year convention are applied. The asset is sold on September 1, Year Three, for $39,900. What loss should be reported on this sale? a. $100 loss b. $850 loss c. $1,767 loss d. $2,100 loss

Ashvinn

Light Company bought a machine for ₱300,000 on January 1, 20x8. The machine's useful life is 10 years and it is estimated to have a zero residual value and is depreciated using the straight-line method.        The revalued amount of the machine is as follows:          December 31         Fair values of the machine       20x8                      ₱ 360,000           what is the amount of revaluation surplus transferred to retained earnings during 20x9

hickory company made a lump-sum purchase of three prieces of machinery for $130,000 from an unaffiliated company. At the time of acquision Hickory paid $5,000 to determin the appraised value of the machinery. The appraisal disclosed the following values machine a $70,000 machine b $42,000 machine c $28,000 what cost should be assigned to machine a, b, and c respectively?

Asset ImpairmentGreen Light Ltd (GLL) tested a machine for impairment on 31 December 2018. The machine was carried at depreciated historical cost, and its carrying amount was $150,000. It had an estimated remaining useful life of 10 years. GLL's accounting policy required all property, plant and equipment's recoverable amount was determined on the basis of value-in-use calculation, using a discount rate of 15%. The management of GLL estimated the future net cash flows of the machine using reasonable assumptions. The following information related to future net cash flows of the machine was available at the end of 2018.   Year Future net cash flow ('000)2019 22,1652020 21,4502021 20,5502022 24,7252023 25,3252024 24,8252025 24,1232026 25,5332027 24,2342028 22,850   Suppose in the years 2019-2021, no event occurred that required the machine's recoverable amount to be re-estimated. On 31 December 2022, costs of $25,000 were incurred to enhance the machine's performance. Revised estimated…

Novak Corp., a small company that follows ASPE, owns machinery that cost $925,000 and has accumulated depreciation of $385,000. The undiscounted future net cash flows from the use of the asset are expected to be $513,000. The equipment's fair value is $440,000. Using the cost recovery impairment model, prepare the journal entry, if any, to record the impairment loss. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit

XYZ Company purchases a new machine for $50,000 with a useful life of 5 years and no salvage value. The company uses straight-line depreciation. Calculate the annual depreciation expense for the machine.

Sheridan Corp is a publicly traded company that has just purchased a new piece of equipment for its production process. The equipment costs $54000 with a $8800 residual value, an estimated useful life of 8 years and an expected life of 10 years with a $4000 salvage value. Assuming that Sheridan has a December 31 year end and the equipment was purchased on January 1, how much depreciation expense should the company record at the end of year one? The company uses the straight-line method.Questi Multiple CQuestioMultiple Ch $4520 $5085 $5 650 $5400