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2 27. On January 1, 2016, Love Company purchased a machine for 5,280,000 and depreciated it by the straight line method using an estimated useful
2 27. On January 1, 2016, Love Company purchased a machine for 5,280,000 and depreciated it by the straight line method using an estimated useful life of eight years with no residual value. On January 1, 2019, the entity determined that the machine had a useful life of six years from the date of acquisition and the residual value is 480,000. An accounting change was made in 2019 to reflect this additional information. What amount should be reported as accumulated depreciation for the machine on Dec. 31, 2019? a. 3,080,000 O b. 2,920,000 c. 3,520,000 O d. 3,200,000 1 26. Using the same information, how much is the total ending inventory in August 31? * a. 1,500,800 O b. 1,529,600 c. 1,501,600 O d. 1,522,880 d 25. Using the same information, how many units are there in the ending inventory? * O a. 74,000 . O b. 94,000 b O c. 40,000 O d. 20,000 10 24. Hope Company is a wholesaler which uses the FIFO periodic inventory. The entity reported the following transactions for inventory for the month of August: August 1, beginning inventory is 20,000 @ 36 pesos; Aug.7 purchases of 30,000 @37.20; Aug. 12 Sales of 36,000; Aug. 21 Purchases 48,000@38; Aug. 22 Sale 38,000; and Aug. 29 purchases 16,000 @38.60. How many is the total purchases of Hope Company? * O a. 78,000 O b. 46,000 O c. 74,000 O d. 94,000
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