Reference no: EM132942727
Question - FAITH Manufacturing Inc. purchased a new machine on January 2, 2019, that was built to perform one function on its assembly line. Data pertaining to this machine are:
Acquisition cost P330,000
Residual value P30,000
Estimated service life: Years 5
Service hours 250,000
Production output 300,000
Required - Using each of the following methods, compute the annual depreciation rate and charge for the years ended December 31, 2019 and 2020:
(1) Straight-line
(2) Service hours (assume 32,000 hours for 2019 and 36,000 hours for 2020).
(3) Productive-output (assume 31,000 units for 2019 and 37,000 units for 2020).
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