What is the subsequent annual depreciation

Assignment Help Accounting Basics
Reference no: EM133123565

Question - On January 1, 2016, ABC Company bought an equipment for 1,350,000 with a useful life of 10 years but no residual value at the end of its life.

On January 1, 2020, the equipment was appraised which resulted to a replacement cost of P2,700,000 and a residual value of 270,000 but no change as to the remaining useful life.

What is the amount of revaluation surplus on January 1, 2020, if any?

What is the subsequent annual depreciation after the revaluation test?

Reference no: EM133123565

Questions Cloud

Impact of this on multiculturalism and diversity : Evaluate why Australia linked multiculturalism to immigration and the impact of this on multiculturalism and diversity in the workplace today?
Calculate the amount of the mark-up percentage : Direct manufacturing labour: $14.3 per direct manufacturing labour-hour. Calculate the amount of the mark-up percentage
Compute the difference in forecast profit margin : Compute the difference in forecast profit margin with and without considering the environment costs. Express the answer in percentage
Calculate and enter the net benefit or cost : Calculate and enter the net benefit or cost (show negative) to Harris Hardware if it adopts JIT production on the Borallon plant
What is the subsequent annual depreciation : On January 1, 2020, the equipment was appraised which resulted to a replacement cost of P2,700,000. What is the subsequent annual depreciation
Post to the ledger accounts : Post to the ledger accounts - Feb. 1 Issued 3,900 shares of Marin Cleaning Services common stock for $10,140. Each share has a $1.50 par
What is the name of the fraud scheme : What is the name of the fraud scheme being perpetrated at Portau Inc - Does Sol Irvine have any ethical obligation to report this incident to the police
Record the transactions on the books of Ayayai Corporation : The selling price of the goods is $4,570, and the cost to Whispering Winds Company is $3,020. Record the transactions on the books of Ayayai Corporation
Review the company capital structure decisions : Review the company capital structure decisions before and during the COVID-19 pandemic. You may assume that the impact of the pandemic began in March

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the amount of the six annual deposits that abc needs

What is the amount of the six annual deposits that ABC needs to make? Record the payment if payment is made on May 20, 2015.

  Determine the carrying value of the investment

Chad acquired 65,000 of the 162,500 voting common share shares outstanding at an acquisition cost of $250,000. Determine the carrying value of the investment

  What is the amount of provision for decontamination should

Actual outflows be different from the estimate. What is the amount of provision for decontamination should DDD Company recognized on October 31, 20x8?

  What f corp gain or loss on the early extinguishment was

The bond premium was amortized on a straight-line basis. Before income taxes, F Corp.'s gain or loss in 2021 on this early extinguishment of debt was

  Assume you work as an accountant in the merchandising

assume you work as an accountant in the merchandising division of a large public company that makes and sells athletic

  Will have any taxable gain from the sale of old home

Will they have any taxable gain from the sale of their old home?Research sale of residence and medical expense deductions June Goetz is a successful fashion

  How can apply the concepts of biblical stewardship in life

what you have learned so far in this course and in your other business courses, how can you apply the concepts of biblical stewardship in your life and business

  How much revenue is recognized on the March

How much revenue is recognized on the March income statement from this order? How much in the April Income statement

  Advise john if he is liable for pre-incorporation contract

John is setting up a company which is to be named Jasmine Ltd. Advise John if he is liable for the pre-incorporation contract

  Bedford assets and liabilities

Grant paid $529,000 to acquire Bedford's assets and liabilities. If the book value of Bedford's buildings and equipment was $355,000 at the date of acquisition, what was their fair value?

  Advise creative on which course of action they should take

Advise Creative Bamboo Ltd. on which course of action they should take, giving the reason for your recommendation

  When would you advise a firm to use direct intervention to

when would you advise a firm to use direct intervention to set transfer prices? what are the disadvantages of such a

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd