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Questions -
Q1. On January 1, 2017, Jungkook Company purchased an equipment for P1,970,000. On this date, the equipment has an estimated economic useful life of 12 years and estimated residual value of P98,000. It is the company's policy to depreciate this type of equipment using a sum-of-years digit. On January 1, 2021, Jungkook Company made a review of the estimated useful life and salvage value of the equipment and review revealed that the asset has a revised total life of 14 years and a residual value of P100,000. The company also changed the method of depreciation to straight-line. What is the carrying value of the asset of December 31, 2022?
a. P875,800
b. P865,800
c. P769,600
d. P789,600
Q2. Company A had a machine with a carrying amount of P450,000. Company B had a delivery vehicle with a carrying amount of P300,000. Companies A and B exchanged the machine and vehicle, and Company B paid an additional P90,000 cash as part of the exchange. Assume that fair value of delivery vehicle is P420,000. If the exchange has commercial substance, how much gain or loss should be recorded by Company A?
a. P60,000 gain
b. P120,000 gain
c. P120,000 loss
d. P30,000 loss
Practice with the current account: Which of the following tend to raise the value of Country X's current account?
1. Which of the following is a federally insured investment?
Please write a memo to your boss (me) discussing the reason why the lease meets the capital lease requirements
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Partners Lopez and Antonio receive a salary of P150,000 and P300,000, respectively, By how much would Lopez account decrease
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nilani company purchased 100 arapaho company bonds on april 12007. the bonds pay interest semiannually on march 31 and
The trial balance for Motor Work, Inc. contains the following balances: Accounts payable $267. What is the amount of total debits for this trial balance
Lavezares usually had an average annual receipts of P5,000,000. During the month, it earned a total of P400,000 from the customers. Calculate the percentage tax
An Investment Project has an initial cost of $100,000 and generates a present value of net cash inflows of $120,000. What is the project's profitability index
There was no transaction affecting retained earnings other than a P1,500,000 cash dividend. What was the net income for the current year
Jack Hammer invests in a stock that will pay dividends of $2.00 at the end of the first year; $2.20 at the end of the second year; and $2.40 at the end of the third year.
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