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- Referring to PA7 where Kenzie Company purchased a 3-D printer for $450,000, consider how the purchase of the printer impacts not only depreciation expense each year but also the assets book value. What amount will be recorded as depreciation expense each year, and what will the book value be at the end of each year after depreciation is recorded?On August 1, 2019, Kern Company leased a machine to Day Company for a 6-year period requiring payments of 10,000 at the beginning of each year. The machine cost 40,000 and has a useful life of 8 years with no residual value. Kerns implicit interest rate is 10%, and present value factors are as follows: Present value for an annuity due of 1 at 10% for 6 periods4.791 Present value for an annuity due of 1 at 10% for 8 periods5.868 Kern appropriately recorded the lease as a sales-type lease. At the inception of the lease, the Lease Receivable account balance should be: a. 60,000 b. 58,680 c. 48,000 d. 47,910On July 1, 2020, FDN Company purchased an equipment for P27,100,000. After 5 years of its estimated useful life, it can be sold for P100,000. How much is the carrying amount of the equipment as of December 31, 2021?
- During the beginning of 2021, Jambilee Company purchases a new machine worth P8,000,000, The new machine has an estimated useful life of 8 years and the estimated residual value is P800,000. Q1. What will be the value of accumulated depreciation in the year of 2021? Q2. What will be the carrying amount of the machine on December 31, 2022?Bebe Co. purchased equipment costing P560,000 on March 5, 2021. How much would be the claimable input VAT on the second quarter of 2021?On September 30, 2020, Zee Company paid P240,000 for equipment that will be used for the next four years. What is the equipment's carrying value on December 31, 2023? O P240,000 O P225,000 O P165,000 O P105,000
- An asset was acquired on January 1, 2020 for P800,000 and is expected to have a 5-year useful life. The straight-line method was used. On January 1, 2022, the asset was deemed to have a sound value of P720,000. 1. How much is the revaluation surplus for the period ended December 31, 2022? 2. The replacement cost of the asset at January 1, 2022 is?ABC Company has an equipment acquired on January 1, 2018 at a cost of P2,200,000 with 20 years estimated useful life. On December 31, 2022, the fair value of the equipment is P1,800,000, and revised useful life of 15 years. Round off percentage to whole number and the gross up value to nearest peso if you are required to gross up. The carrying value of the equipment 2 years after revaluation isOn January 1, 2019, the Business Info Company had capitalized costs of P6,000,000 for a new computer software product with an estimated useful life of 4 years. Sales for the software product during were P2,400,000 in 2019 and P4,200,000 in 2020. The total sales of the software over the economic life are expected to be P12,000,000. Question: What amount of amortization of computer software should Business Info Company record for the year 2020? а. РО P1,500,000 P1,800,000 P2,100,000 b. C. d.
- Oxtongue Limited paid $135,000 to purchase equipment at the beginning of 2020. Oxtongue Limited estimated the useful life of the equipment to be 4 years or 200,000 units. The equipment will be considered fully amortized when the balance in the Accumulated Depreciation account reaches $ 120,000. The equipment produced 52,000 units in 2023. Required Determine the estimated residual value of the equipment. What is the depreciablecost of the equipment? 3. Calculate the depreciation expense for 2023 under each of the following methods: a. straight-line b. units-of-production c. double- diminishing-balanceOn Jan. 1, 2021, Mother, Inc., whose financial year end is every Dec. 31, purchased a unit of equipment at a total cost of P10,000,000. The equipment is estimated to have a useful life of 5 years with a residual value equal to 10% of its cost. - How much is the depreciation expense for 2021 using the straight line depreciation method? - How much is the depreciation expense for 2024 using the SYD depreciation method? - How much is the depreciation expense for 2025 using the double declining balance depreciation method?Vincent Limited paid $100,000 to purchase equipment at the beginning of 2020. Vincent Limited estimated the useful life of the equipment to be 5 years or 200,000 units. The equipment will be considered fully amortized a when the balance in the Accumulated Depreciation account reaches $100,000. The equipment produced 50,000 units in 2020. Required:a. Determine the estimated residual value of the equipment.b. What is the amortizable cost of the equipment?c. Calculate depreciation expense for 2020 under each of the following methods:i. straight-lineii. units-of-productioniii. double-declining-balanced. If you were a new accountant in a company and you were asked to determine how best to depreciate a new machine they just bought; how would you determine the best method? What is the difference between your method and other method? How does your method affect the income statement?
