The following data relate to store equipment of Swift Company: January 1,2021 December 31, 2021 Store equipment ------------------P900,000 ----- 1,200,000 Accumulated depreciation ------- 140,000 ------ 160,000 Store equipment costing P70,000 was sold for P30,000, resulting in a loss of P3,000. How much is the depreciation expense on store equipment for the year 2021?

The following data relate to store equipment of Swift Company: January 1,2021 December 31, 2021 Store equipment ------------------P900,000 ----- 1,200,000 Accumulated depreciation ------- 140,000 ------ 160,000 Store equipment costing P70,000 was sold for P30,000, resulting in a loss of P3,000. How much is the depreciation expense on store equipment for the year 2021?

Name: The following data relate to store equipment of Swift Company:
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Description: The following data relate to store equipment of Swift Company: January 1,2021 December 31, 2021Store equipment ------------------P900,000 ----- 1,200,000Accumulated depreciation -------

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 8MC: On July 1, 2018, Mundo Corporation purchased factory equipment for 50,000. Residual value was...

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The following data relate to store equipment of Swift Company: January 1,2021 December 31, 2021Store equipment ------------------P900,000 ----- 1,200,000Accumulated depreciation ------- 140,000 ------ 160,000Store equipment costing P70,000 was sold for P30,000, resulting in a loss of P3,000. During the year 2021, the company purchased store equipment. What is the cost of store equipment acquired during the year?
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m/ilrn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSession Locator-assign... eBook Show Me How A ✩ Comparing three depreciation methods Dexter Industries purchased packaging equipment on January 8 for $112,500. The equipment was expected to have a useful life of 3 years, or 22,500 operating hours, and a residual value of $4,500. The equipment was used for 9,000 hours during Year 1, 6,750 hours in Year 2, and 6,750 hours in Year 3. Required: 1. Determine the amount of depreciation expense for the 3 years ending December 31, by (a) the straight-line method, (b) the units-of-activity method, and (c) the double-declining-balance method. Also determine the total depreciation expense for the 3 years by each method. Do not round intermediate calculations when determining the depreciation rate. Round the final answers for each year to the nearest whole dollar. Year Year 1 Year 2 Year 3 Total Straight-Line Method Depreciation Expense Units-of-Activity Method 2. What…
The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2020: Accumulated Depreciation $ Land Land improvements Building Equipment Automobiles Plant Asset $ 380,000 195,000 1,650,000 1,164,000 165,000 Transactions during 2021 were as follows: a. On January 2, 2021, equipment were purchased at a total invoice cost of $275,000, which included a $5,800 charge for freight. Installation costs of $30,000 were incurred. b. On March 31, 2021, a small storage building was donated to the company. The person donating the building originally purchased it three years ago for $22,000. The fair value of the building on the day of the donation was $16.000. c. On May 1, 2021, expenditures of $53,000 were made to repave parking lots at Pell's plant location. The work was necessitated by damage caused by severe winter weather. The repair doesn't provide future benefits beyond those originally anticipated. d. On November 1, 2021, Pell acquired a…
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Bruce Company acquired a machinery on April 1, 2020. Cost P 1,200,000 Residual Value P 120,000 Estimated Useful Life 8 years What is the depreciation for 2020 using double declining balance? A. P300,000 B. P150,000 C. P225,000 D. P202,500 What is the depreciation for 2021 using double declining balance? A. P270,000 B. P135,000 C. P243,750 D. P150,000