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Answer the following problems and show the complete solution. 1. Double declining balance method. On January 1, 2021 EXO company acquired a machine with an
Answer the following problems and show the complete solution.
1. Double declining balance method. On January 1, 2021 EXO company acquired a machine with an estimated useful life of 4 years. EXO paid P90,000 forthe machine. Additional costs paid are the following: Freight and insurance 30,000, Cost of testing and installation 20,000, commission paid to acquire the machine 25,000 and 25000 for the safety rail surrounding the machine. It was estimated that the residual value of the machine is 20,000. How much is the accumulated depreciation on December 31,2022? Your answer 2.Double declining balance method. On January 1, 2021 EXO company acquired a machine with an estimated useful life of 4 years. EXO paid P90,000 for the machine. Additional costs paid are the following: Freight and insurance 30,000, Cost of testing and installation 20,000 , commission paid to acquire the machine 25,000 and 25000 for the safety rail surrounding the machine. It was estimated that the residual value of the machine is 20,000. How much is the carrying amount of the machine on December 31, 2022? Your answer 3.Partial year depreciation: On Sep 30,2021 EXO company acquired a machine with an estimated useful life of 4 years. EXO paid P30,000 for the machine. Additional costs paid are the following: Freight, insurance and cost of testing and installation 10,000.lt was estimated that the residual value of the machine is 2,500. Using SYD method, how much is the depreciation expense to be recognized on December 31,2022? Your answer 4, Partial year depreciation: On Sep 30, 2021 EXO company acquired a machine with an estimated useful life of 4 years. EXO paid P30,000 for the machine. Additional costs paid are the following: Freight, insurance and cost of testing and installation 10,000.lt was estimated that the residual value of the machine is 2,500. Using double declining method, how much is the depreciation expense to be recognized on December 31, 2022? Your answer 5,Units of production method. On January 1, 2021 EXO acquired a machine to start his manufacturing business. The machine costs 100,000 with a useful life of 4 years. The estimated residual Vaer of the machine is 20,000. The machine is expected to produce a total output of 160,000 units and is expected a total of 40,000 hours of expected input. Using the output method, what amount of depreciation charge should be recorded if the actual units prodUCed in 2021 is 50,000 units? Your answer 6,Units of production method. On January 1, 2021 EXO acquired a machine to start his manufacturing business. The machine costs 100,000 with a useful life of 4 years. The estimated residual value of the machine is 20,000. The machine is expected to produce a total output of 160,000 units and is expected a total of 40,000 hours of expected input. Using the input method, what amount of depreciation charge should be recorded if the actual manufacturing hours consumed in 2021 is 10,000 hours? Your answer 7.Composite method. On January'i EXO company purchased the following: Machine tools costing 16,000 with a residual value of 1000 useful life of 5 years. Returnable containers costing 20,000 with residual value of 2,000 and useful life of 3 years . Pattern and dies costing 30,000 with useful life of 6 years. Compute for the composite life of the assets? ( How many years? Just write the number) Your answer 8.Composite method. 011 January'i EXO company purchased the following: Machine tools costing 16,000 with residual value of 1000 with a useful life of 5 years. Returnable containers costing 20,000 with residuai value of 2,000 and useful life of 3 years. Pattern and dies costing 30,000 with useful life of 6 years. Compute for the composite rate of the assets? ( What is the percentage? Just write the number do not include percentage sign) Your answer 9.Composite method. 0n January'i EXO company purchased the following: Machine tools costing 16,000 with residual value of 1000 with a useful life of 5 years. Returnable containers costing 20,000 with residuai value of 2.000 and useful life of 3 years. Pattern and dies costing 30,000 with useful life of 6 years. Compute for the annual depreciation of the group of assets? YourStep by Step Solution
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