Reference no: EM133091162
Question - CHARM Company determined that the amortization rate on its patents is unacceptably low due to current advances in technology. The entity decided at the beginning of 2019 to decrease the estimated useful life on all existing patents from 10 years to 8 years. Patents were purchased on January 1, 2014 for P3,000,000. The estimated residual value is zero.
CHARM Company decided on January 1, 2019 to change its depreciation method for manufacturing equipment from an accelerated method to straight line method. The straight line method is to be used for new acquisitions as well as for previously acquired equipment. As of January 1, 2019, the total historical cost of depreciable assets is P8,000,000 and the accumulated depreciation on those assets is P3,400,000. The expected remaining useful life of the depreciable assets as of January 1, 2019 is 10 years and the expected residual value is P200,000.
Required -
Q1. What is the carrying amount of the patents on January 1, 2019?
Q2. What is the amount of depreciation of the manufacturing equipment for the year 2019?
Q3. What is the total charge against 2019 income as a result of the accounting changes?
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