Answers: 1,2&31.) ABC Co. acquired a machine on January 1, 20x1 at a purchase price of P1,200,000. The machine was estimated to have a useful life of 20 years and a residual value of P100,000. It was also estimated that the machine can produce up to 1,000,000 units of product over its useful life. The actual units produced were 40,000 units and 50,000 units in 20x1 and 20x2, respectively.Requirements: See the picture below for #1.

Requirements: Compute for the (1) Depreciation expenses in 20x1 and 20x2 ap the (2) Carrying amounts of the machine on December 31, 20% and December 31, 20x2, respectively, under each of the following depreciation methods: a. Straight-line method b. Sum-of-the-Years' digits method c. Double declining balance method d. Units of production method 2. The age of a building is 25 years, the effective age is 20 years, and the remaining economic life is 50 years. The replacement cost of the building is P200,000; its carrying amount is P80,000. How much is the revaluation surplus? 3. A building with a historical cost of P20,000,000 and accumulated depreciation of P7,200,000 has an actual age of 15 years, an estimated effective age of 10 years, and a remaining economic life of 30 years. The replacement cost is P34,000,000. The building is being depreciated using the straight line method. The income tax rate is 30%. Requirements: a. Provide the entry to record the revaluation under each of the following methods: i. Proportional method ii. Elimination method b. Compute for the annual depreciation in periods subsequent to the revaluation date