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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?
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:
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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..
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