In the beginning of 2021, Ciento Company purchased equipment worth P250,000. It is estimated to be useful for 5 years and has a residual value of P25,000. 1. If this equipment will be depreciated over the course of its useful life by the double declining balance method, what amount of depreciation should be recorded for 2023? a. P32,400 b. P21,600 c. P12,960 d. P7,400 2. What is the 5th year depreciation if the 150% declining balance method is used? a. P32,400 b. P35,025 c. P18,007.5 d. P18,975

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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…

At the beginning of May, The GAP's total assets totaled $400,000 . At the end of May, what is The GAP's new asset balance assuming the following transactions occurred in May? Paid S20,000 cash to to purchase new equipment for its stores. Prepaid rent for June for S6, 000. Sold $70,000 of clothes to customers who paid with cash. The inventory cost of the clothes sold was S20, 000.