Kindly please see the attached image to answer the questions.

Timmy Thomas Company provided the following summary of its fixed assets:

Factory Building

Machinery and Equipment

Small Tools

Patterns

Total Cost

4,800,000

1,400,000

82,000

53,000

Estimated Residual Value

300,000

80,000

5,000

-

Estimated Useful Life

40 years

20 years

8 years

4 years

The composite life of the assets listed above is

[ Select ]

["

34.5 years

", "

31.6 years

", "

29.5 years

", "

32.8 years

"]

What is the composite rate of the assets listed?

[ Select ]

["

3.18%

", "

3.38%

", "

3.81%

", "

3.83%

"]

Assuming straight line method is used, depreciation on the factory building for the third year of its service life is

[ Select ]

["

115,500

", "

112,500

", "

118,500

", "

120,000

"]

Assuming sum-of-the-years digits' method is used, depreciation on the factory building for the third year of its service life is

[ Select ]

["

17,110

", "

10,694

", "

12,833

", "

14,972

"]

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Question 10

2pts

On July 1, 2016, Flynn Rider Company purchased a building for P49,200,000. The building has an estimated life of 40 years. Six months depreciation was taken in the year of purchase and the book value of the building on December 31, 2020, after depreciation adjusting entry is P43,755,000.

What is the salvage value of the building?

[ Select ]

["

800,000

", "

5,445,000

", "

0

", "

5,640,000

"]

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Question 11

2pts

On December 31, 2016, Sasha Velour Company purchased an equipment with an estimated useful life of 10 years. The equipment was expected to have a residual value of P5,000 at the end of its service life. The sum-of-the-years-digits method was used in computing depreciation. For the year ended December 31, 2020, the depreciation applicable to this equipment was P42,000.

What was the acquisition cost of the equipment?

[ Select ]

["

325,000

", "

293,750

", "

335,000

", "

330,000

"]

Question 10 2 pts On July 1, 2016, Flynn Rider Company purchased a building for P49,200,000. The building has an estimated life of 40 years. Six months depreciation was taken in the year of purchase and the book value of the building on December 31, 2020, after depreciation adjusting entry is P43,755,000. What is the salvage value of the building? [ Select ] Question 11 2 pts On December 31, 2016, Sasha Velour Company purchased an equipment with an estimated useful life of 10 years. The equipment was expected to have a residual value of P5,000 at the end of its service life. The sum-of-the-years-digits method was used in computing depreciation. For the year ended December 31, 2020, the depreciation applicable to this equipment was P42,000. What was the acquisition cost of the equipment? [ Select ]Question 9 8 pts Timmy Thomas Company provided the following summary of its fixed assets: Factory Building Machinery and Small Tools Patterns Equipment Total Cost 4,800,000 1,400,000 82,000 53,000 Estimated 300,000 80,000 5,000 Residual Value Estimated 40 years 20 years Useful Life 8 years 4 years The composite life of the assets listed above is [ Select ] What is the composite rate of the assets listed? | [ Select ] Assuming straight line method is used, depreciation on the factory building for the third year of its service life is [ Select ] Assuming sum-of-the-years digits' method is used, depreciation on the factory building for the third year of its service life is [ Select ] v