1.How much is the carrying amount of property, plant and equipment as of December 31, 2020? a. P435,160 c. P763,440 b. P729,840 d. P860,400
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1.How much is the carrying amount of property, plant and equipment as of December 31, 2020?
a. P435,160 c. P763,440
b. P729,840 d. P860,400
Step by step
Solved in 3 steps
- In January 1, 2020, the following assets of Company A had the following corresponding values: Carrying amount EUL Sound Value Year acquired 5,400,000 5,750,000 *7.600.000 7,850,000 Machinery Equipment O 3.122.600 O 3.050.000 Ⓒ 2.988.000 Residual Value 3.837.500 500,000 400,000 10 12 The company decided to measure these properties using revaluation model. Full year depreciation is taken on the year of purchase. In January 1, 2022, the replacement cost of equipment was revalued at P5.100.000. What is the amount taken to profit or loss as a result of the revaluation on January 1. 2022? 2017 2016Determine 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 Computer Jun 01, 2019 P70,000 P10,000 4 ||Survive, Inc.’s property, plant and equipment at December 31, 2019: P R T C Original cost P175,000 P255,000 P400,000 P400,000 Year Purchased 2014 2015 2016 2018 Useful life 10 years 75,000 hours 15 years 10 years Salvage value P15,500 P15,000 P25,000 P25,000 Depreciation method SYD Activity Straight-line Double-declining balance Note: In the year an asset is purchased, Survive, Inc. does not record any depreciation expense on the asset. In the year an asset is retired or traded in, Survive, Inc. takes full year depreciation on the asset The following transaction occurred during 2020: 1. On May 5, Asset P was sold for P65,000 cash. 2. Asset R was used for 10,500 hours during 2020. Accumulated usage as of December 31, 2019 is 40,800 hours. 3. On December 31, before computing depreciation expense on Asset T, the management of Survive, Inc. determined that the useful life remaining from January 1, 2020 is only 10 years. 4. On December 31, it was discovered that a plant…
- Presented below is information related to equipment owned by Oriole SpA at December 31, 2022. Cost Accumulated depreciation to date Value-in-use Fair value less cost of disposal (a) €10,620,000 Oriole intends to dispose of the equipment in the coming year. As of December 31, 2022, the equipment has a remaining useful life of 4 years. Date 1,180,000 Dec. 31 8,260,000 5,192,000 Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2022. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit CreditApex Communication purchased equipment on January 1, 2024, for $49,004 Suppose Apex Communication sold the equipment for $36,000 on December 31, 2025. Accumulated Depreciation as of December 31, 2025, was $15,078. Journalize the sale of the equipment, assuming straight-line depreciation was used First, calculate any gain or loss on the disposal of the equipment Market value of assets received Less Book value of asset disposed of Cost Less Accumulated Depreciation Gain or (Loss) 49004 36000Accounting for Various Intangible Costs: Amortization, Change in Accounting Estimate Munn Inc. reported other noncurrent asset account balances on December 31, 2020, as follows. Patent $672,000 Accumulated amortization (84.000) Net patent $588,000 Transactions during 2021 and other information relating to Munn’s other noncurrent assets include the following. 1. The patent was purchased from Grey Company on January 2, 2019, when the remaining legal life was 16 years. On January 1, 2021, Munn determined that the remaining useful life of the patent was only eight years from the date of its acquisition. 2. On January 1, 2021, in connection with the purchase of a trademark from Cody Corp., the parties entered into a noncompetition agreement. Munn paid Cody $2,800,000, of which 75% related to the trademark and 25% reflected Cody’s agreement not to compete for a period of five years in the line of business covered by the trademark. Munn considers the life of the trademark to be…
- Presented below is information related to equipment owned by Camel Company Q3- at December 31, 2021. Cost Accumulated depreciation to date Value-in-use Fair value less cost of disposal BD6,000,000 900,000 4,000,000 3,200,000 Assume that Camel company will continue to use this asset in the future. As of December 31, 2021, the equipment has a remaining useful life of 5 years. Required: Based on the above data use your advance skills to; a. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2021. b. Prepare the journal entry to record depreciation expense for 2022. C. The recoverable amount of the equipment at December 31, 2022, is BD4,250,000. Prepare the journal entry (if any) necessary to record this increase.Determine 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 5Selling an asset at gain or loss Alpha Communication purchased equipment on January 1, 2018, for $27,500. Suppose Alpha Communication sold the equipment for $20,000 on December 31, 2020. Accumulated Depreciation as of December 31, 2020, was $10,000. Journalize the sale of the equipment, assuming straight-line depreciation was used.
- The following are available from Pinkish Gambino: Machinery Equipment Cost of Acquisition P560,000 P140,000Estimated Salvage Value 60,000 20,000Date of Acquisition January 1, 2020 July 1, 2020Estimated Life 10 years 5 years On October 1, 2023, the above machinery was sold for P400,000 while the equipment could no longer be used on March 31, 2023 and the company received P50,000 from the insurers in full settlement of the claims. How much is the net gain or loss from the disposal of the assets above?a. 3,500 b.23,500 c.24,000 d.27,500Company E. purchased equipment for 100,000 on 1/1/2020. The depreciation expense on the equipment was 10,000 for 2020 and 10,000 for 2021 and 10000 for 2022. The residual value of the equipment is 10,000? At 12/31/2022 what is the book value of the equipment? A. 100,000 B. 90,000 C. 80,000 D. 70,000 E. None of the aboveLand and buildings: Cost (including ¢60m land). ¢380000 Accumulated depreciation at 1/1/2020 ¢64000 The company decided to change its accounting policy with respect to its 10 year old land and buildings from the cost model to the revaluation model. The revalued amounts at 1 January 2020 were GH¢800m (including GH¢100m for the land). No further revaluation was necessary at 31 December 2020. The company wishes to treat the revaluation surplus as being realised over the life of the asset. Your are required to account for the above information.