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21. Reverend Company acquired a new processing machine at the beginning of current year. Invoice cost - terms 5/10, n/30, P 1,600,000 Cost of transportation, P 50,000 Cost of installation, P 50,000 Payment for strengthening the floor to support the weight of the new machine, P 150,000 The chief engineer spent two-thirds of his time during trial run of the new machine. The monthly salary is P 60,000. During the year, the entity was granted a cash allowance of P 100,000 by the supplier because the machine proved to be of less than standard performance capability. The operator of the old machine who was laid off due to the acquisition of the new machine was paid a gratuity of P 30,000 What amount should be the capitalized cost of the new machine? a. P1,560,000 P1,640,000 P1,710,000 P1,590,000 22. A purchase of equipment for P18,000 also involved freight charges of P 500 and installation costs of P 2,500. The estimated salvage value and useful life are P 2,000 and 4 years, respectively. Under the straight-line method, annual depreciation expense will be a. P4,750 b. P4,500 P4, 125 d P4,625 23. Kakadu Lid purchased land for P 80,000. The company also paid P 12,000 in accrued taxes on the property, incurred P 5,000 to remove an old building and received P 2,000 from the salvage of the old building. The land will be recorded at a. P80,000 P95,000 P92,000 d P83,000 24. On January 1, 2020, Domino Company purchased a new machine for P 4,000,000. The new machine has an estimated useful life of eight years and the residual value was estimated to be P 400,000. Depreciation was computed on the sum of the years' digit method. What is the carrying amount of the machine on December 31, 2021? a. P2,100,000 b. P2,500,000 P1, 150,000 d P3,300,000 25. At the beginning of the current year, Handsome Company purchased a mineral mine for P 36,000,000 with removable ore estimated by geological survey at 2, 160,000 tons. The property has an estimated value of P 3,600,000 after the ore has been extracted. The entity incurred P 10,800,000 of development costs preparing the property for the extraction of ore. During the current year, 270,000 tons were removed, and 240,000 tons were sold. a. P3,600,000 b. P4,050,000 P4,800.000 P5,400,000