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An entity purchased for cash a new building on January 1, 2020 for P2,100,000. The building has an estimated useful life of 25 years with no residual value. Depreciation is computed each December 31 on a straight line basis.
On January 1, 2022, the company replaced the old roof with a permanent tile roof costing P1,187,900. The cost of the old roof was P675,000. The new roof resulted to a residual value of P 100,000 and considered a betterment.
Problem 1: What is the depreciation charged for 2022?
Group of answer choices
Option 1: 108,648
Option 2: 96,996
Option 3: 104,516
Option 4: 104,300
Windy City Balloon Port ran a balloon launching facility in Illinois, offering sightseeing flights in hot-air and helium balloons owned by third parties. Windy City sold tickets for the balloon rides for $100 per person per ride.
Briefly define depreciation as used in accounting. Identify the factors that are relevant in determining the annual depreciation and explain whether these factors are determined objectively or whether they are based on judgment.
Based on your research, identify and assess the fraud that occurred in the organization, as well as the impact that the fraud had on the corporation's investors and creditors.
Assume that gross rental revenue was $2,000 (rather than $10,000). What amount of for AGI deductions may Natalie deduct in the current year related to the condo
Bailey,Inc.,buys 60 percent of the outstanding stock of Luebs,Inc.,in an acquisition that resulted in the recognition of goodwill. Luebs owns a piece of land that cost $200,000 but was worth $500,00 at the acquisition date. What value should be at..
Many college students choose not to file a federal income tax return (!) assuming that the income taxes withheld by employers "probably" will cover their tax liability. Is such an assumption correct?
You find that the store used 285 pounds of protein blend and 150 hours of direct labor to produce and sell 3,000 smoothies. Compute the efficiency variance
Would you recommend that your division supply the WM5 circuit boards to the Fuzzy Logic Division for RM11 each as requested? Why or why not?
dec. 31 2010 600000 shares of cs issued and outstanding. issued a 10 stock on dividend on july 1 2011 on oct.12011
List the seven principles of internal control and explain how a retail outlet might implement each of the principles in its store
The adjusted trial balance of Karise Repairs on December 31, 2017, Assume there are no owner investments in 2017. Prepare an income statement for the year
He has no deductions for adjusted gross income. Eugene's itemized deductions are $11,200. What is Eugene's taxable income
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