Problem 2 Snap Co.'s property, plant and equipment has the following information on December 31, 2021: S P350,000 2016 N P510,000 2017 15,000 hours P30,000 A P800,000 2018 P P800,000 2020 10 years 15 years 10 years P50,000 Asset Cost Year purchased Useful life Residual value Depreciation method Accumulated depreciation, Dec. 31, 2021 P31,000 Sum-of-years' digits P50,000 Double-declining balance Working hours Straight line P232,000 P352,000 P150,000 P160,000 All of the assets were purchased on January 1 of the year of purchase. The following transactions occurred during 2022: b. On December 31, Asset S was sold for P130,000. On December 31, it was determined that Asset N was used for 2,100 hours in 2022. On December 31, before computing depreciation expense on Asset A, the management of Snap decided the useful life remaining from January 1, 2022, was 10 years. d. On December 31, it was discovered that a plant asset purchased at the beginning of 2021 had been expensed completely in the year. This asset costs P220,000 and has a useful life of 10 years and no residual value Management has decided to use the double-declining balance method for this asset, which was referred to as Asset X. 5. How much is the gain on sale of Asset S? 6. Determine the depreciation on Asset N in 2022. 7. Determine the depreciation on Asset A in 2022. Page 2 of 5 8. Determine the depreciation on Asset P in 2022. 9. How much is the correct carrying amount of Asset X on December 31, 2022