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Compute the annual depreciation rate and charge for years

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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).

Reference no: EM132943027

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