An entity purchased equipment on January 1, 2020 for P5,000,000.  The equipment had a useful life of 5 years and residual value of P600,000.  The policy is to depreciate 5-year asset using the 200% double declining method for the first 2 years and then switch to straight line.  What amount should be reported as accumulated depreciation on December 31, 2022?

Alteran Corporation purchased office equipment for $1.2 million at the beginning of 2022. The equipment is being depreciated over a 10-year life using the double-declining-balance method. The residual value is expected to be $600,000. At the beginning of 2024 (two years later), Alteran decided to change to the straight-line depreciation method for this equipment. Required: Prepare the journal entry to record depreciation for the year ended December 31, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars.

Kansas enterprises purchased equipment for $78,500 on January 1, 2018. The equipment is expected to have a 10 year life, with a residual value of $8850 at the end of the 10 years. Using the straight line method depreciation expense for 2019 in the book value add December 31, 2019 would be:

On march 10, 2023, Sweet Acacia limited sold equipment that it bought for 286800 on August 20, 2026. It was originally estimated that the equipment would have a useful life of 12 years and a residual value of 24000 at the end of that time and depreciation has been calculated on that basis. The company uses the straight line method of depreciation and prepares its financial statement under IFRS.   Calculate the depreciation charges on this equipment for 2016 and 2023, and the total charge for the period from 2017 to 2022, inclusive under each of the following six assumptions for partial periods.   Depreciation is calculated for the exact period of time during which the asset is owned. Depreciation is calculated for the full year on January 1 balance in the asset account. Depreciation is calculated for the full year on December 31 balance in the asset account Depreciation for a half year is charged on plant assets that are acquired or disposed of during the year. Depreciation is…

What are the answerr for questions number 14-16?

Salem Company buys a building for $1,000,000 on 1st January 2019. Its estimated useful life in the business is 20 years, after which it will be sold for an estimated residual value of $200,000. Under the Straight-line method of depreciation, Accumulated depreciation at December 31, 2020 will be Multiple Choice O $40,000 $80,000 $200,000

Nature's Fit acquired an equipment on January 1, 2020, for $30,000 with an estimated four-year life and $2,000 residual value. Nature's uses straight-line depreciation. Record the gain or loss if the building was sold on December 31, 2022, for $10,000.

Cutter Enterprises purchased equipment for $51,000 on January 1, 2021. The equipment is expected to have a five-year life and a residual value of $6,300.Using the sum-of-the-years'-digits method, depreciation for 2022 and book value at December 31, 2022, would be: (Do not round depreciation rate per year)   Multiple Choice $13,600 and $20,400 respectively. $11,920 and $24,180 respectively. $11,920 and $17,880 respectively. $13,600 and $14,100 respectively.