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answer pls 1. AN ASSET FOR DRILLING WAS PURCHASED AND PLACE IN SERVICE BY A PETROLEUM PRODUCTION COMPANY. ITS INITIAL INVESTMENT IS P60,000 AND IT
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1. AN ASSET FOR DRILLING WAS PURCHASED AND PLACE IN SERVICE BY A PETROLEUM PRODUCTION COMPANY. ITS INITIAL INVESTMENT IS P60,000 AND IT HAS AN ESTIMATED SV OF P12,000 AT THE END OF AN ESTIMATED USEFUL LIFE OF 14 YEARS. COMPUTE THE DEPRECIATION AMOUNT IN THE THIRD YEAR AND THE BV AT THE END OF THE 5TH YEAR OF LIFE BY EACH OF THESE METHODS: a. SL METHOD b. SF METHOD AT 5% PER YEAR % c. DB METHOD d. DDB METHOD e. SYD METHOD 2. THE LARGE PROFITABLE CORPORATION HAS PURCHASED A JET PLANE FOR USE BY ITS EXECUTIVES. THE COST OF THE PLANE IS P76,000,000. IT HAS A USEFUL LIFE OF 5 YEARS. THE ESTIMATED RESALE VALUE AT THE END OF FIVE YEARS IS P6,000,000. USING THE SOY DIGITS METHOD OF DEPRECIATION, WHAT IS THE BOOK VALUE OF THE JET PLANE AT THE END OF 3 YEARS. 3. A CERTAIN EQUIMENT COSTS P7,000 HAS AN ECONOMIC LIFE OF N YEARS AND A SALVAGE VALUE OF P350 AT THE END OF n YEARS. IF THE BOOK VALUE AT THE END OF 4 YEARS IS EQUAL TO P2,197.22, COMPUTE THE ECONOMIC LIFE OF THE EQUIPMENT USING SOY METHODStep by Step Solution
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