On October 01, 2021, a national government agency purchased and delivered 30 units of Communication Equipment from a dealer at a price of P360,000 to replace unserviceable units. The equipment was available for use on November 14, 2021. The equipment has a useful life of 8 years.  How much is the depreciation expense for the FY 2021?

Q: A corporation bought a machine for RP 8,000 with a commercial useful life of 4 years and a fiscal…

A:

Q: Metlock Corporation purchased a new machine for its assembly process on August 1, 2025. The cost of…

A: Because of usage, wear and tear, or obsolescence, the monetary worth of an object will depreciate…

Q: The Clarke Co. acquired a machine on May 1, 2021, at a cost of $60,000. The machine is expected to…

A: Date of acquiring: May 1, 2021 Cost: $ 60,000 Life: 10 years Residual Value: $5,000 Life (in units):…

Q: During 2022, MinMin Co. purchased a second-hand machine at a price of P3,200,000. A cash payment of…

A: An expense that raises the cost base of a fixed asset on a company's balance sheet is known as a…

Q: Irwin, Incorporated constructed a machine at a total cost of $68 million. Construction was completed…

A: Journal Entry for Irwin, Incorporated's Machine in 2024 Scenario: Machine cost: $68 million…

Q: On January 1, 2025, a machine was purchased for $1,040, 000 by Metlock Co. The machine is expected…

A: The objective of the question is to calculate the income before income tax for Metlock Co. from the…

Q: On January 1, 2017, Jungkook Company purchased an equipment for P1,970,000. On this date, the…

A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…

Q: The amount to be capitalized as the cost of the machine is :-

A: The concept in this scenario is the determination of the cost of an asset that a company acquires.…

Q: During 2019, a company purchased a mine at a cost of $4,251,000. The company spent an additional…

A: Depletion =[ ( Cost - Residual value ) / Estimated tons ] * Number of tons sold

Q: This company purchased a semitruck at the beginning of 2021 at a cost of $100,000. The truck had an…

A: Lets understand the basics.Depreciation is a reduction in value of asset due to wear and tear,…

Q: Bataan Company purchased a machinery that was installed and ready for use on January 1, 2019 at a…

A: Depreciation is an expense which is recorded in the income statement of the firm. There are various…

Q: On January 1, 2019, Yolanda Company purchased a plating machine for P5,400,000. Yolanda received a…

A: The question is related to Government Grant. The details are under  Cost of Planting machine as on…

Q: On Jan. 1, 2020, the construction of a high-tech condominium building was completed for a total cost…

A: Depreciation is the amount of reduction in the cost of the assets due to use of the assets,…

Q: A company purchases two pieces of research equipment at the beginning of 2024. The first piece of…

A: Research and development expense need to be recognized in the year fully when it is generates…

Q: On January 1,2013, Edition Company purchased an equipment for P1,970,000. On this date, the…

A: Depreciation is an expense which usually charged on the fixed or non-current assets over the years…

Q: On January​ 2, 2019, Konan Corporation acquired equipment for $200,000. The estimated life of the…

A: Depreciation is a reduction in the value of assets due to the usage of that asset. We can evaluate…

Q: 120,000. The equipment produced 52,000 units in 2023. Required Determine the estimated residual…

A: Given:Equipment purchased                     $135000Estimated useful life is 4 years or 200,000…

Q: Analysis Component: Which method will result in the greatest: a. Total assets being reported on the…

A: Cost of Computer Equipment  $       1,45,000 Salvage Value  $          24,000 Life 5 Year…

Q: On March 1, 2023, Sunland Ltd. purchased a machine for $63,000 by paying $21,000 down and issuing a…

A: Fixed assets are those assets which are being held by business for longer period of time. These are…

Q: Bonita Manufacturing purchased a machine on January 1, 2023 for use in its factory. Bonita paid…

A: DepreciationIn accounting, depreciation is the method used to distribute the cost of a tangible…

Q: Depletion Feller Company purchased a site for a limestone quarry for $100,000 on January 2, 2019. It…

A: Ending inventory in tons = 80,000 - 60,000 Ending inventory in tons = 20,000 tons

Q: On July 1, 2020, Lettuce Company, a calendar-year company, purchased a machine for a cash price of…

A: 2020: Depreciation rate = 1/useful life = 1/10 = 10% Depreciation expense (for the entire year) = 2…

Q: On January 1, 2019, Williams Company purchased a copy machine. The machine costs $160,000, its…

A: Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of the…

Q: On Oct 1, 2018, Net Solutions purchased a piece of high-tech equipment for $384,000, which is…

A: The depreciation cost is the same each year. Depreciation costs are recorded in order to spread out…

Q: On December 31, 2020, Ehrlich Inc. has a machine with a book value of $260,000. The original cost of…

A: Calculation of Net Book Value on June 1, 2021      Amount  Net Book value as on December 31,…

Q: ABC, Inc. purchased a crane on January 1, 2018, for P205,500. At the time of purchase, the crane was…

A: ABC, Inc. purchased a crane on January 1, 2018, for P205,500. At the time of purchase, the crane was…

Q: Basalt Inc bought a new vehicle on September 1, 2021 for $50,000. The vehicle is estimated to have a…

A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…

Q: Q1. What will be the value of accumulated depreciation in the year of 2021?

A: Depreciation refers to the loss in the value of a tangible asset over a period of time. There are…

Q: On January 1, 2019, Yolanda Company purchased a plating machine for P5,400,000. Yolanda received a…

A: The carrying value of an asset is recorded in the balance sheet after depreciation and impairment…

Q: Cheyenne Corp. purchased a new machine on October 1, 2022, at a cost of $131,000. The company…

A: Depreciation per hour (Units of production method) =(cost of Asset - salvage value )  / Estimated…

Q: 1. Straight line. 2.Double-Declining Method 3. Units of production using miles driven as a measure…

A: Miles driven per annum is not given in the question. So, depreciation per mile is calculated only .

Q: Novak Company purchased a piece of equipment at the beginning of 2022. The equipment cost $402,120.…

A: DEPRECIATION EXPENSEDepreciation means gradual decrease in value of assets due to normal wear and…

Q: On January 1, 2021, Cake Company acquired a factory equipment at a cost of P450,000. The equipment…

A: Lets understand the basics. As per IAS 36, "Impairement of assets", when recoverable amount of asset…