Gary V Corporation has Office fixtures with a cost of P170,000 and an estimated salvage value of P20,000. The fixtures were acquired on January 1, 2020. Estimated life in years is 5 years. Required: Determine the annual depreciation charge for the year 2021, its second year using the following methods: a. Straight line b. Sum-of-the-years' digits c. Double declining balance
Gary V Corporation has Office fixtures with a cost of P170,000 and an estimated salvage value of P20,000. The fixtures were acquired on January 1, 2020. Estimated life in years is 5 years. Required: Determine the annual depreciation charge for the year 2021, its second year using the following methods: a. Straight line b. Sum-of-the-years' digits c. Double declining balance
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 2E: Depreciation Methods Sorter Company purchased equipment for 200,000 on January 2, 2019. The...
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