Problem no. 5

Student Submissions: Naming Co X LECO2C_BSA 3202_012021-Accou X * ACC212 classwork Ch22 C Get Homework Help With Chegg X + f c ue.instructure.com/courses/18504/files/2055533?module_item_id=418372 : Apps https://login.cenga... CANVAS AUD SI - Sir Mesina GLOBE PREPAID WIFI By FinMan - Ma'am DJ Entrep - Sir Junio AUD 1&2 - Sir Mesi... Strat - Sir Descalzo Gov - Sir Agsi Problem 5 Day SA acquired the following assets in January 2017. Equipment, estimated service life, 5 years; residual value, P15,000 Building, estimated service life, 30 years; no residual value P465,000 P780,000 The equipment has been depreciated using the sum-of-the-years'-digits method for the first 3 years for financial reporting purposes. In 2020, the company decided to change the method of computing depreciation to the straight-line method for the equipment, but no change was made in the estimated service life or residual value. It was also decided to change the total estimated service life of the building from 30 years to 40 years, with no change in the estimated residual value. The building is depreciated on the straight-line method. Required a. Prepare the journal entry to record depreciation expense for the equipment in 2020. b. Prepare the journal entry to record depreciation expense for the building in 2020. (Round to nearest peso.) Problem 6 On January 1 2016 IIC Cornoration purchased a building and equinment that have the following liseful lives residual Previous Next Type here to search o 9 w J' e a V a la 1)) ENG 6:12 pm 24/01/2021