On Oct. 1, 2020, Shaw Company purchased a machine for P1,260,000 that was placed in service on Nov. 30, 2020. Shaw incurred additional costs of this machine as follows:  Shipping - P30,000 Installation - P40,000 Testing - P50,000 The estimated useful life of the machine is 5 years and is to be depreciated using the straight-line method.  What is the depreciable amount of the machine?

On Jan 1, 2021, ABC Company acquired a machinery at a cost of P250,000. It was estimated to have a useful life of 10 years and no residual value. The company uses the cost model to account for the machinery and the straight-line method is used in depreciating the machinery. On Dec 31, 2022, the company tested the machinery for possible impairment and determined that the recoverable value of the said machinery amounted to P150,000. On Dec 31, 2023, it was revealed that the recoverable value of the machinery had increased to P187,500. Q-29. 8.How much is the impairment loss reported in 2022? 9.What is the carrying amount of the machinery on Dec 31, 2023 before reversal of impairment? 10.What is the carrying amount of the machinery on Dec 31, 2023 on the basis that it was not impaired? 11.What amount of gain on reversal of impairment should be reported in profit or loss for 2023?

On January 1,2020 Petron Company purchased an oil tanker depot at the cost of P 7,000,000 the entity is expected to operate the depot for five years, after which it is legally required to dismantle the depot and remove the underground storage tanks. The oil tanker depot is depreciated using the straight line method with no residual value. It is reliably estimated that the cost of decommissioning the depot will amount to P 1,500,000. The appropriate Discount rate is 10%. The present value of 1 at 10% for five period is 0.62. At the beginning of 2022, the entity reliably estimated that the carrying amount of decommissioning liability is P 120,000 under what it should be. The discount rate remains at 10%. On December 31,2024 after 5 years of operating the entity paid a demolition entity to dismantle the depot at a price of P 1,700,000 Required: Prepare all the required Journal Entries from January 1,2020 up to December 31,2024 At

Alt Company purchased a new piece of manufacturing machinery on January 2, 2021. The machine had a total cost of $392,000 and an estimated salvage value of $125,000. Its useful life is estimated to be 6 years; over its life, it should produce 2,000,000 units of product. During 2022, the machine produced 309,000 units.   Show calculations on tab for the amount of depreciation expense Alt will recognize in 2022 under straight-line, units-of-production, and double-declining depreciation methods. Depreciation was recorded normally for 2021. You are calculating depreciation for the second year in the machine’s life.

Concord Corporation purchased a delivery truck for $36,800 on January 1, 2020. The truck has an expected salvage value of $1,800, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 13,500 in 2020 and 13,000 in 2021.     Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Depreciation expense   $enter Depreciation expense per mile rounded to 2 decimal paces   per mile

On January 2, 2018, Lapar Corporation purchased a machine for $50,000. Lapar paid shipping expenses of $500, as well as installation costs of $1,200. The company estimated that the machine would have a useful life of 10 years and a residual value of $3,000. On January 1, 2019, Lapar made additions costing $3,600 to the machine in order to comply with pollution-control ordinances. These additions neither prolonged the life of the machine nor increased the residual value. 1. If Lapar records depreciation expense under the straight-line method, how much is the depreciation expense for 2019? 2. Assume Lapar determines the machine has three significant components as shown below. Component Amount Service Life Salvage Value $25,000 10 years $3,000 15,000 5 years 11,700 3 years If Lapar uses IFRS, what is the amount of depreciation expense that would be recorded? A B с 0 0

Concord Corporation purchased a new machine for its assembly process on August 1, 2025. The cost of this machine was $129,600. The company estimated that the machine would have a salvage value of $12,600 at the end of its service life. Its life is estimated at 5 years, and its working hours are estimated at 20,000 hours. Year-end is December 31. Compute the depreciation expense under the following methods. Each of the following should be considered unrelated. (Round depreciation rate per hour to 2 decimal places, e.g. 5.35 for computational purposes. Round your answers to O decimal places, e.g. 45,892.) (a) Straight-line depreciation for 2025 (b) (c) (d) Activity method for 2025, assuming that machine usage was 800 hours Sum-of-the-years'-digits for 2026 Double-declining-balance for 2026 $ $ LA $ 9,750 4,680 31,200 43,200

On January 2, 2021, Morales Paint Company purchased a truck that cost $60,000 with a residual value of $2,500. The expected useful life of the truck is 4 years and 100,000 miles. It is expected to be driven 13,000 miles in the first year; 40,000 miles the second year; 27,000 miles in the third year and 20,000 miles in the fourth year.   A. Prepare a depreciation schedule for the asset’s entire useful life using each of the following methods: Straight Line Production (Units of Production) Double Declining Balance   B. Prepare the journal entry to record depreciation expense for year 2 for each of the Depreciation Methods (a total of 3 journal entries).   C. Assume that the company decided to sell the equipment in year 3 for $15,000 in cash. Prepare the required journal entry for each of the Depreciation Methods (a total of 3 journal entries).

Schager Company purchased a computer system on January 1, 2019, at a cash cost of $25,000. The estimated useful life is 10 years, and the estimated residual value is $3,000. The company will use the double declining-balance depreciation method. How much is the 2020 depreciation expense? Group of answer choices A)$5,000 B)$4,120 C)$4,000 D)$3,520 E)None of the above

Atlas Painting purchased a new machine on October 1, 2020, at a cost of £90,000. The company estimated that the machine will have a residual value of £4,000. The machine is expected to be used for 10‐year life.Instructions:Compute the depreciation expense under straight-line for the year ended December 31st :- 2020 and -2021.