What should be depreciation expense recorded for equipment

Assignment Help Financial Accounting
Reference no: EM132996019

NCT Company purchased equipment in January of 2011 for P90,000. The equipment was being depreciated on the straight-line method over an estimated useful life of 20 years, with no residual value. At the beginning of 2021, when the equipment had been in use for 10 years, the company paid P15,000 to overhaul the equipment. As a result of this improvement, the company estimated that the useful life of the equipment would be extended an additional 5 years.

Problem 1: What should be the depreciation expense recorded for this equipment in 2021?

Reference no: EM132996019

Questions Cloud

How much is total accumulated depreciation to be reported : NCT Corporation bought a factory equipment, How much is the total accumulated depreciation to be reported in the balance sheet on December 31, 2021?
Calculate the revised earnings for the period : Journalize each of the above transactions in general journal form, as needed. Calculate the revised earnings for the period, reflecting the adjustments
What is the carrying value of the equipment at december : Ariel's Treasures Limited purchased a piece of equipment on January 1, 2020 for $56,000. What is the carrying value of the equipment at December
Provide an overview of the issues facing AWS : Lead and manage organisational change - Provide an overview of the issues facing AWS that have necessitated changes in company operations.
What should be depreciation expense recorded for equipment : NCT Company purchased equipment in January of 2011 for P90,000. What should be the depreciation expense recorded for this equipment in 2021?
What are the ending balances of the deferred tax asset : Based on the above information, what are the ending balances of the deferred tax asset and liability accounts for the subsequent year (2019)
Find the probability that the mean amount of work : The amount of time that chief managers in listed companies devote to their jobs per week is normally distributed, with a mean of 50 hours and a standard deviat
Find and record payment of interest and redemption of bonds : The bonds were dated May 1, 2020, and pay interest annually on May 1. Record the payment of interest and redemption of the bonds.
What will the annual effective borrowing cost be : Suppose that you just borrowed $300,000 using a 30-year loan with an annual interest rate of 9% with monthly payments and compounding. In order to obtain the lo

Reviews

Write a Review

Financial Accounting Questions & Answers

  Accountant for assistance in filing its charter with state

A corporation issued 450 shares of its $20 par value common stock in payment of a $9,610 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include:

  Used bottling equipment-calculate the depreciation expense

Used bottling equipment was acquired by Summit Brewing at a cost of $900,000 on August 1, 2010. Its estimated salvage value is $ -0- and its expected life is five years. Calculate the depreciation expense (round to the nearest dollar) by each of the ..

  What is the accumulated sum

What is the accumulated sum of the following stream of payments - $25,739 every year at the beginning of the year for 9 years, at 3.61 percent

  Find what amount be initially recognize as exploration asset

Expenditures relating to subsequent development of resources 3,400,000. What amount should be initially recognized as exploration asset?

  Calculate the tax liability on the assets

During 2002, a firm has sold 5 assets described below. Calculate the tax liability on the assets. The firm pays a 40 percent tax rate on ordinary income.

  Find what is the price of the bonds for renfro rentals

The bonds mature in 13 years, have a face value of $1,000, and a yield to maturity of 6.5%. Find What is the price of the bonds?

  Calculated the total of land and buildings

Discuss each of these issues and describe the impact on the audit report if the above issues remain unresolved. calculated on the total of land and buildings

  What is the amount of bad debts expense for January

Dier Inc. uses the direct write-off method. What is the amount of bad debts expense for January

  Prepare the appropriate journal entry to record income taxes

Prepare the appropriate journal entry to record income taxes in 2022. In 2021, Ryan Management collected rent revenue for 2022 tenant occupancy.

  Which statements is correct about the children

Which statements is correct about the children? Jayden aged 14, and Katrina aged 20, who both live at home, as well as Kathy who is 23

  What would normally give in duties as a public accountant

What would normally give in duties as a public accountant. Polo Babywear Ltd was formed on 30 August 2013 and its first financial year ended on 30 June 2015.

  What amount of uncollectible accounts expense

At the end of 2014, Duffau Company had outstanding accounts receivable of $109,760. Before recording the adjusting entry for uncollectible accounts, the balance in the Allowance for Doubtful Accounts was $350. If Duffau estimates that it will not col..

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