Reference no: EM133183625
Question 1 - Manny Company uses many kinds of machines in its operations. The following information relates to a machine that was acquired at the beginning of the current year:
Cash paid for machine, including VAT of P96,000 896,000
Cost of transporting machine 30,000
Labor cost of installation by expert fitter 50,000
Labor cost of testing machine 40,000
Insurance cost for the current year 15,000
Cost of training for personnel who will use the machine 25,000
Cost of safety rails and platform surrounding machine 60,000
Cost of water device to keep machine cool 80,000
Cost of adjustment to machine to make it operate more efficiently 75,000
Estimated dismantling cost to be incurred as required by contract 65,000
Required - What total amount should be capitalized as cost of the machine?
Question 2 - Ping Company provided the following information with respect to its building:
The building was acquired January 1, 2016 at a cost of P7,800,000 with an estimated useful life of 40 years and residual value of P200,000. Yearly depreciation was computed on the straight line method.
The building was renovated on January 1, 2018 at a cost of P760,000. This was considered as improvement. Residual value did not change.
On January 1, 2021, the management decided to change the total life of the building to 30 years.
Required - What is the depreciation of the building for 2021?
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