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- Problem 8-17 On mslday Problem 29-9 (PHILCPA Adapted) following information related to the land and building: 50,000,000 450,000,000 in E 75,000,000 Land Building Accumulated depreciation-building for building. On June 30, 2020 the land and building were revalued Replacement cost Sound value 65,000,000 480,000,000 Land w biendie Building 65,000,000 600,000,000 1. What is the revaluation surplus on June 30, 2020? salbling a. 135,000,000 b. 125,000,000 c. 120,000,000 d. 160,000,000 00 2. What is the depreciation of the building for 2020? a. 30,000,000 (6. 35,000,000 le. 40,000,000 d. 32,000,000 3. What is the revaluation surplus on December 31, 2020? (6. 130,000,000 e 123,750,000 d. 115,000,000 et sedW 000,001119- 000008.01 854In January 1, 2020, the following assets of Company A had the following corresponding values: Carrying amount EUL Sound Value Year acquired 5,400,000 5,750,000 *7.600.000 7,850,000 Machinery Equipment O 3.122.600 O 3.050.000 Ⓒ 2.988.000 Residual Value 3.837.500 500,000 400,000 10 12 The company decided to measure these properties using revaluation model. Full year depreciation is taken on the year of purchase. In January 1, 2022, the replacement cost of equipment was revalued at P5.100.000. What is the amount taken to profit or loss as a result of the revaluation on January 1. 2022? 2017 2016Equipment R20 000, Accumulated Depreciation R16 000. Depreciation is calculated at 20% p. a. on a diminishing method. An old equipment was disposed for R1 500 cash on 1 December 2020. The equipment originally costed R3 000. The Accumulated depreciation is R 700.The depreciation for the disposed equipment is _________.A. R460B. R345C. R225D. R92
- Atlas Company acquired PPE on January 1, 2022 consisting of: Cost Residual Value Useful Life (yrs)Building P10,000,000 350,000 25Machinery 4,500,000 120,000 8Equipment 2,030,000 80,000 15 4. What is the composite rate of the assets’ depreciation? a. 15.6%b. 22.25% c. 22.4% d. 25.1%5. What is the composite life of the PPEs acquired? a. 22 yearsb. 25 years c. 16 years d. 18 yearsCalculate Depreciation under Plan A and Plan B Property Acquisition Date: 2/28/20 5/15/20 10/6/20 All are 7 Year Properties Plan A 250,000 10,000 500,000 760,000 Plan B 600,000 100,000 60,000 760,000PQ16.05 A company has the following assets: Buildings and Equipment, less accumulated depreciation of $5,000,000 Patents Trademarks Land $25,000,000 2,400,000 10,000,000 12,000,000 Goodwill 2,000,000 Cash 8,000,000 The total amount reported under Property, Plant, and Equipment would be??
- Economics Equipment having a first cost of $158,000, a life of 10 years, and a salvage value of $23,000. What is its book value after 6 years using the MACRS depreciation method? O $111,405.80 O $46,594.20 O $62,811.50 O $95,188.50onsider the following data on an asset:Cost of the asset, I $235,000Useful life, N 5 yearsSalvage value, S $ 60,000Compute the annual depreciation allowances and theresulting book values, using(a) The straight-line depreciation method.(b) The double-declining-balance method9.9 Consider the following data on an asset: Cost of the asset, / Useful life, N Salvage value, S $123,000 7 years $13,000 Compute the annual depreciation allowances and the resulting book values, initially using the DDB and then switching to SL.
- - What is the investment carrying amount at December 31, 2021? A. P1,920,000 B. P1,790,000 C. P1,730,000 D. P1,700,000 - Assume the excess of acquisition cost over the underlying equity acquired is due to a piece of equipment with remaining life of 5 years on the date of investment acquisition, and a straight-line depreciation basis, what is the investment carrying amount at December 31, 2021? A. P1,920,000 B. P1,790,000 C. P1,745,000 D. P1,730,000MCQ3 Smitty Inc. wishes to use the revaluation model for this property: Before Revaluation • Building Gross Value 120,000 • Building Accumulated Depreciation 40,000 • Net carrying value 80,000 The fair value for the property is $150,000. Assuming this is the first year of using the revaluation model, what amount would be booked to the Accumulated Depreciation account, if Smitty chooses to use the proportional method to record the revaluation?Asset Cost SalvageValue Units ofUseful Life Depreciationper Unit ($) Automobile $27,500 $3,500 40,000 miles $ what is the depreciation
