White Beach Resort has the following assets as of December 31, 2024:


Date Aquired Useful Life Cost Salvage Value

Building January 1, 2022 10 years P8,000,000 P 750,000

Furniture and Fixture July 1, 2023 5 years 350,000 25,000

Equipment March 1, 2024 8 years 950,000 50,000

 

a. Adjusting entries to record depreciation on year;

 
2022:

2023:

2024:

Answer rating: 100% (QA)

To record depreciation we need to calculate the annual depreciation expense for each asset We can us... View the full answer