Determine the Depreciation Expense for the calendar year 2019 on the following non - current assets of ABC based on straight-line method of depreciation: Acquisition Salvage Est. Asset Cost Depreciation Date Value Life Computer Jun 01, 2019 P70,000 P10,000 4 ||
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- An extract of the Asset Register of Ace Pty Ltd (“Ace”) for the 2018 - 2019 Income year isshown as follows:Asset Cost OpeningAdjustableValueMethod EffectiveLifeDecline inValue forThis PeriodClosingAdjustableValuePrinter 1,200 1,200 DiminishingValue3 years 400 800Desks 3,000 2,400 Prime Cost 10 years 300 2,100Appliances 2,600 1,040 Prime Cost 5 years 520 520All depreciable assets are 100% for business use and Ace uses a low-value pool for all eligibleassets. The closing value of the low-value pool at 30 June 2019 was $8,000. Ace purchased a camera on 20 Jan 2020 for $840.Advise Ace of the Income Tax consequences arising out of the above information for the 2019 - 2020 Income year assuming Ace is not a small business entity.On December 31, 2019, Vail Company owned the following assets: Vail computes depreciation and amortization expense to the nearest whole year. During 2020, Vail engaged in the following transactions: Required: 1. Check the accuracy of the accumulated depreciation balances at December 31, 2019. Round to the nearest whole dollar in all requirements. 2. Prepare journal entries to record the preceding events in 2020, as well as the year-end recording of depreciation expense. 3. Prepare an Accumulated Depreciation account for each category of assets, enter the beginning balance, post the journal entries from Requirement 2, and compute the ending balance.Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense for 2019 if the units-of-production method were used ( Note: Round your answer to the nearest dollar)? a. $179,400 b. $184,000 c. $218,400 d. $224,000
- Required: Compute for the following: Gain or loss on sale of Asset P Total depreciation expense for 2021 Adjusted cost of PPE as of Dec. 31, 2021 Carrying amount of PPE as of Dec. 31, 2021Determine the Depreciation Expense for the calendar year 2019 on the following non - current assets of ABC Company based on straight line method of depreciation: Acquisition Salvage Est. Asset Cost Depreciation Date Value Life Furniture Feb 28, 2019 P90,000 P3,000 LO 5Determine the Depreciation Expense for the calendar year 2019 on the following non - current assets of ABC Company based on straight line method of depreciation: Acquisition Salvage Est. Asset Cost Depreciation Date Value Life Furniture Apr 30, 2018 P120,000 P4,000 || LO 5
- The T-accounts for Equipment and the related Accumulated Depreciation—Equipment for Oriole Company at the end of 2022 are shown here. Equipment Beg. bal. 75,600 Disposals 21,800 Acquisitions 45,500 End. bal. 99,300 Accumulated Depreciation—Equipment Disposals 5,000 Beg. bal. 44,700 Depr. exp. 11,500 End. bal. 51,200 In addition, Oriole’s income statement reported a loss on the disposal of plant assets of $4,000. What amount was reported on the statement of cash flows as “cash flow from sale of equipment”? (Show an amount that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Cash flow from sale of equipment $n The T-accounts for Equipment and the related Accumulated Depreciation-Equipment for Oriole Company at the end of 2022 are shown here. Equipment Beg. bal. 75,600 Disposals 21,800 Acquisitions 45,500 End. bal. 99,300 Accumulated Depreciation-Equipment Disposals 5,000 Beg. bal. 44,700 Depr. exp. 11,500 End. bal. 51,200 In addition, Oriole Company's income statement reported a loss on the disposal of plant assets of $4,000. What amount was reported on the statement of cash flows as "cash flow from sale of equipment"? (Show an amount that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) Cash flow from sale of equipment eTextbook and Media $The T-accounts for Equipment and the related Accumulated Depreciation—Equipment for Luo Company at the end of 2020 are shown here. Equipment Beg. bal. 79,200 Disposals 20,700 Acquisitions 44,800 End. bal. 103,300 Accumulated Depreciation—Equipment Disposals 8,700 Beg. bal. 43,600 Depr. exp. 14,300 End. bal. 49,200 In addition, Luo’s income statement reported a loss on the disposal of plant assets of $6,000. What amount was reported on the statement of cash flows as “cash flow from sale of equipment”? (Show amount that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Cash flow from sale of equipment $
- The T-accounts for Equipment and the related Accumulated Depreciation—Equipment for Skysong, Inc. at the end of 2022 are shown here. Equipment Beg. bal. 60,000 Disposals 16,500 Acquisitions 31,200 End. bal. 74,700 Accum. Depr.—Equipment Disposals 3,825 Beg. bal. 33,375 Depr. exp. 9,000 End. bal. 38,550 In addition, Skysong, Inc.’s income statement reported a loss on the disposal of plant assets of $2,625. What amount was reported on the statement of cash flows as “cash flow from sale of equipment”? (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)Topic: Non-Current Assets Held for Sale and Discontinued Operations 15. Which of the following shall be recognized by the entity in its 20x3 financial statements? Held for ale asset Impairment loss a. P1,100,000 P450,000 b. P1,000,000 P350,000 c. P750,000 P250,000 d. P0 P350,000 16. Requirement: Provide the journal entry on December 31, 20x3.The T-accounts for Equipment and the related Accumulated Depreciation-Equipment for Bridgeport Company at the end of 2022 are shown here. Equipment Beg. bal. Acquisitions 39,300 92,400 77,700 Disposals 24,600 End. bal. Accumulated Depreciation-Equipment Disposals 5,600 Beg. bal. Depr. exp. End. bal. 42,800 11,100 48,300 In addition, Bridgeport's income statement reported a loss on the disposal of plant assets of $3,900. What amount was reported on the statement of cash flows as "cash flow from sale of equipment"? (Show amount that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) Cash flow from sale of equipment $