Notes:https://gofile.io/d/WCgJFL

Please use straight line method with supporting table for units Extracted sample are given below.

10:29 X AE 121 Finals A... made for late submission. opics Covered: C27: Depreciation and C28: Depletion lumber of Points: 8 requirements. 5 points for each requirement (3 points or correctness of solution plus 2 points for format). Total of 40 points. osting Date: April 20, 2021 (PM) ue Date: April 22, 2021 (11:59pm) (A) Problem 27-7 (Page 790): Straight-line Method with Specific Accounting Policy: Parable Company: Parable Company revealed the following depreciation policy on machinery: A full year depreciation is taken in the year of acquisition. No depreciation is taken in the year of disposition. The estimated useful life is five years. . The straight line method is used. On June 30, 2020, the entity sold for P2,300,000 a machine acquired in 2017 for P4,200,000. The estimated residual value was P600,000. 1. What amount of gain on disposal should be recorded in 2020? a. P 140,000 b. P 260,000 c. P 620,000 d. P 980,000 (D) Problem 28-7 (Page 826): Vanity Company: At the beginning of current year, Vanity Company purchased a mineral mine for P26, 400.000 with removable ore estimated at 1,200,000 tons. After it has extracted all the ore, the entity will be required by law to restore the land to the original condition at an estimated cost of P2. 400.000. The present value of the estimated restoration cost is P1.800.000. The entity believed it will be able to sell the property afterwards for P3.000,000. During the current year, the entity incurred P3.600,000 of development costs preparing the mine for production and removed 80.000 tons and sold 60,000 tons of ore. What amount should be reported as depletion for the current year? 6. What amount should be reported as depletion for the current year? a. P 1,920,00010:30 X AE 121 Finals A... Q (B) Problem 27-9 (Page 791): Bitter Company: Bitter Company acquired a machinery on April 1, 2020. Cost Residual value 1,200,000 Estimated useful life 120,000 8 years tIn - . . . . 2. What is the depreciation for 2020 using sum of years' digits (item 1 of book)? a. P 180,000 b. P 240,000 c. P 120,000 d. P 160,000 3. What is the depreciation for 2020 using double declining balance (item 3 of book)? a. P 300,000 b. P 150,000 c. P 225,000 d. P 202,500 (C) Problem 27-25 (Page 798): Real Company: Real Company used a hand tool in the manufacturing activities. On January 1, 2020, there are 800 of such tools on hand at cost of P200 each. Acquisition and retirement during 2020 and 2021 are: Retirement and Estimated value Acquisition and cost retirement proceeds of tools at year end 2020 400 @ P300 300 @ P50 200,000 2021 900 @ P400 700 @ P70 350,000 Retirement may be assumed to be on a first-in, first-out basis. 4. What is the depreciation expense for 2020 using the retirement method? 5. What is the depreciation expense for 2020 using the replacement method?10:30 X AE 121 Finals A... d. P 980,000 (D) Problem 28-7 (Page 826): Vanity Company: At the beginning of current year, Vanity Company purchased a mineral mine for P26. 400.000 with removable ore estimated at 1,200,000 tons. After it has extracted all the ore, the entity will be required by law to restore the land to the original condition at an estimated cost of P2. 400.000. The present value of the estimated restoration cost is P1.800,000. The entity believed it will be able to sell the property afterwards for P3.000,000. During the current year, the entity incurred P3.600,000 of development costs preparing the mine for production and removed 80.000 tons and sold 60,000 tons of ore. What amount should be reported as depletion for the current year? 6. What amount should be reported as depletion for the current year? a. P 1,920,000 b. P 1,440,000 c. P1,940,000 d. P 1,455,000 (E) Problem 28-11 (Page 828): Lethargic Company: On July 1, Lethargic Company, a calendar year entity purchased the rights to a mine. The total purchase price was P14,000,000, of which P2,000,000 was allocable to the Estimated reserves were 1,500,000 tons. The entity expects to extract and sell 25,000 tons per month. The entity purchased new equipment on July 1. The equipment was purchased for P8,000,000 and had a useful life of 4 years with no residual value. 7. Assuming that the 25,000 tons per month expectation was met, what is the depletion for the current year? a. P1,200,000 b. P2,400,000 c. P1,950,000 d. P1,400,000 8. What is the depreciation of the equipment for the current year? a. P 1,600,000 b. P 2,000,000 c. P 1,000,000 d. P 1,200,00010:09 X 121 09 Doproc.. DEPICOUIT METTU .Output or production method Depletion Method "Output or production method Depletion Method *Outout or production method Depletion Method .Outpu