Attached are the following problems

Problem 1 On January 1, 2016, Lane Inc., acquired equipment for P1,i}ii with an estimated 10-year useful life. Lane estimated a P1,iii] residual value and used a straightline method of depreciation. During 2ii2l], alter its 2019 nancial statements had been issued, Lande determined that, due to obsolescence, this equipment's remaining useful life was only 4 more years and its residual value would be PALM\"). Required: 1. Compute the depreciation on December 31, 202i]. 2. Compute the accumulated depreciation on December 31, 202i]. 3. Compute the carrying value ofithe equipment on December 31, 202i] Problem 2 Goddard has used FIFCI method inventory valuation since it began operations in 291?. Goddard decided to change to a weighted average method for determining inventory cost at the beginning of 202i]. The following schedules shows year-end inventory balances under the HHS) and weighted average methods: Year FlFD Weighted Average 2M? P451100 P541100 2018 TBDU f1,i]lii] 2019 83,000 if'BJJEIEI Required: 1. Compute the cumulative effect as an adjustment to the beginning balance of Retained Earnings on 202i]. 2. Journalize the cumulative effect as the result of change in accounting principle