ABC Company purchased a machine for P300,000 on January 1, 2021, with the following additional items...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
ABC Company purchased a machine for P300,000 on January 1, 2021, with the following additional items paid or incurred Separation pay for laborer laid off upon acquisition of new machine Loss on sale of machine replaced Transportation in Installation cost in its estimated life or residual value. P3,600 The annual depreciation charge on the machine for 2024 was? 3,900 3,000 The new machine is estimated to have a useful life of 10 years and a residual value of P12,000. On January 1, 2024, new parts which cost P37,800 were added to the machine so as to reduce its fuel consumption, but with no change 12,000 ABC Company purchased a machine for P300,000 on January 1, 2021, with the following additional items paid or incurred Separation pay for laborer laid off upon acquisition of new machine Loss on sale of machine replaced Transportation in Installation cost in its estimated life or residual value. P3,600 The annual depreciation charge on the machine for 2024 was? 3,900 3,000 The new machine is estimated to have a useful life of 10 years and a residual value of P12,000. On January 1, 2024, new parts which cost P37,800 were added to the machine so as to reduce its fuel consumption, but with no change 12,000
Expert Answer:
Answer rating: 100% (QA)
To calculate the annual depreciation charge for the machine in 2024 we need to determine the net boo... View the full answer
Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
Posted Date:
Students also viewed these accounting questions
-
The following questions are adapted from a variety of sources including questions developed by the AICPA Board of Examiners and those used in the Kaplan CPA Review Course to study property, plant,...
-
The following independent situations describe facts concerning the ownership of various assets. (a) Dickenton Company purchased a tooling machine in 1998 for $85,000. The machine was being...
-
The following independent situations describe facts concerning the ownership of various assets. (a) Dewey Company purchased a tooling machine in 1998 for $60,000. The machine was being depreciated on...
-
Show that = E[(m(X) - X'p)] B = argmind (b) = (E[XX']) E[Xm(X)] = [E[XX'])E[XY]. berk Hint: To show E[Xm(X)] = E[XY] use the law of iterated expectations. then
-
Locate the center of gravity xc of the homogeneous rod. If the rod has a weight per unit length , determine the vertical reaction at A and the x and y components of reaction at the pin B. Given: =...
-
An electron moves at 2.50 X l06 m/s through a region in which there is a magnetic field of unspecified direction and magnitude 7.40 X l0-2 T. (a) What are the largest and smallest possible magnitudes...
-
Wayne Robichaud, Attorney, P.C., began the year with total assets of \($127,000\), liabilities of \($78,000\), and stockholders equity of \($49,000\). During the year the business earned rev enue of...
-
The TCM Petroleum Corporation is an integrated oil company headquartered in Fort Worth, Texas. Historical income statements for 2014 and 2015 are found below (dollar figures are in the millions): In...
-
Give two reasons why an American call option on a stock should never be exercised early when no dividends are expected?
-
White & Becker Tools (W&B) requires 2,000 electric motors next month for its product line of weed trimmers. Each motor is composed of three components: a coil, a shaft, and housing. W&B has the...
-
How is processor scheduling carried out in an operating system's batch component?
-
Your mission is to track incoming meteors to predict whether or not they will strike Earth. Since Earth has a circular cross section, you decide to set up a coordinate system with its origin at...
-
Imagine a person has projection bias. For every domain she has the same alpha = .75 and therefore estimates her future utility to be: U*(c, s|s*) = (1 - alpha)*u(c; s) + alpha*u(c, s*) where s is the...
-
In an electrical experiment, the current through a resistor was set at (2.5 0.1) mA and the voltage across the resistor was found to be (5.5 0.3) V. Calculate the resistance of the resistor using R-...
-
What were the outcomes and long-term implications of XYZ Electronics' marketing strategy and plan for the organization's success and sustainability?
-
How to lead and manage large core functional programs in a matrix environment?
-
Dobson Corporation's income statement reported net income of $22,400 for the year ended December 31 before accounting for the following: During the year, the company purchased available-for-sale...
-
Which internal control principle is especially diffi cult for small organizations to implement? Why?
-
Belinda spent the last 60 days of 2019 in a nursing home. The cost of the services provided to her was $18,000 ($300 per day). Medicare paid $8,500 toward the cost of her stay. Belinda also received...
-
Alton Newman, age 67, is married and files a joint return with his wife, Clair, age 65. Alton and Clair are both retired, and during 2018, they received Social Security benefits of $10,000. Both...
-
Harvey is a self-employed accountant with earned income from the business of $120,000 (after the deduction for one-half of his self-employment tax). He has a profit sharing plan (e.g., defined...
-
A long rotor can be balanced by adding weights in a. a single plane b. any two planes c. two specific planes
-
Fill in the Blank. Vibration isolation involves insertion of a resilient member between the vibrating mass and the of ____________ vibration.
-
In order to determine the unbalance in a grinding wheel, rotating clockwise at \(2400 \mathrm{rpm}\), a vibration analyzer is used and an amplitude of \(0.1 \mathrm{~mm}\) and a phase angle of...
Study smarter with the SolutionInn App