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Problem - On January 1, 2019 Kent Comp. purchased a machine for P5,000,000. The entity paid shipping expenses of P50,000 as well as installation cost of P120,000 The machine was estimated to have a useful life of ten years, an estimated residual value of 300,000 and the double declining balance method is used. In January 2021, additions costing P360,000 were made to the machine in order to comply with pollution control ordinances. These additions neither prolonged the life of the machine nor did they have any residual value. In the same year the management decided to shift to straight line method of depreciation.
a. What is the depreciation expense for Dec. 31, 2021?
b. If the company Sold the machine on Dec. 2022 for P3,500,000, how much gain or loss will they encountered.
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John's car was completely destroyed by fire in 2010. Its cost and fair market value were $8,000. John's claim against insurance was $3,000 and was NOT made until 2011. The following year, 2011, John settled with the insurance company for $2,000. W..
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