Although the answers were already given to us, I am still confused with how they arrived at such amount. How do I solve for the following problems? Thank you!

Problem 11-4 (AICPA Adapted) On January 1, 2017, Flax Company purchased a machine for P5,280,000 and depreciated it by the straight line method using an estimated useful life of eight years with no residual value. On January 1, 2020, the entity determined that the machine had a useful life of six years from the date of acquisition and the residual value was P480,000. An accounting change was made in 2020 to reflect this additional information. What is the accumulated depreciation for the machine on December 31, 2020? a. 2,920,000 b. 3,080,000 c. 3,200,000 d. 3,520,000Problem 11-9 (IFRS) Aklan Company reported the following events during 2020: It was decided to write off P1,800,000 from inventory which was over two years old as it was obsolete. Sales of P1,600,000 had been omitted from the financial statements for the year ended December 31, 2019. What total amount should be reported as prior period error in the financial statements for the year ended December 31, 2020? a. 3,400,000 b. 1,600,000 C. 1,800,000 d. 1,000,000 Problem 11-10 (IFRS) Samar Company reported the following events during the year ended December 31, 2020: * A counting error relating to the inventory on December 31, 2019 was discovered. This required a reduction in the carrying amount of inventory at that date of P280,000. The provision for uncollectible accounts receivable on December 31, 2019 was P300,000. During 2020, an amount of P500,000 was written off related to the December 31, 2019 accounts receivable. What adjustment is required to restate retained earnings on January 1, 2020? a. 280,000 b. 300,000 C. 580,000 d. 250Problem 11-5 (LAA) Problem 11-7 (AICPA Adapted) On January 1, 2018, Milan Company purchased an equipment for P6,000,000. The equipment had been depreciated using On January 1, 2018, Brazilia Company purchased for the straight line with residual value of P600,000 and useful P4,800,000 a machine with a useful life of ten years and a life of 20 years. residual value of P200,000. The machine was depreciated by the double declining balance On January 1, 2020, the entity determined that the remaining and the carrying amount of the machine was P3,072,000 on useful life is 10 years and the residual value is P800,000. December 31, 2019. What is the depreciation for 2020? The entity changed to the straight line method on January 1, 270,000 2020. The residual value did not change. a. b. 546,000 What is the depreciation expense on this machine for 2020? c. 466,000 d. 582,500 a. 287,200 b. 384,000 460,000 Problem 11-6 (IFRS) 359,000 Acute Company was incorporated on January 1, 2017. In Problem 11-8 (IAA) preparing the financial statements for the year ended December 31, 2019, the entity used the following original On January 1, 2020, Canyon Company decided to decrease cost and useful life for the property, plant and equipment: the estimated useful life of an existing patent from 10 years to 8 years. Original cost Useful life Building 15,000,000 15 years The patent was purchased on January 1, 2015 for P3,000,000. 10,500,000 10 years The estimated residual value is zero. Machinery Furniture 3,500,000 7 years The entity decided on January 1, 2020 to change the depreciation method from an accelerated method to the On January 1, 2020, the entity determined that the remaining straight line method. useful life is 10 years for the building, 7 years for the On January 1, 2020, the cost of an equipment is P8,000,000 machinery and 5 years for the furniture. and the accumulated depreciation is P3,400,000. The entity used the straight line method of depreciation with The remaining useful life of the equipment on January 1, no residual value. 2020 is 10 years and the residual value is P200,000. What is the total depreciation for 2020? What is the total charge against income for 2020 as a result of the accounting changes? a. 2,650,000 a. 940,000 b. b. 3,700,000 960,000 C. 627,500 C. 2,550,000 d. 647,500 d. 8,500,000 249 48