Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 27, 2024

The answer is P24,000 . I just need the complete solution. JKL Company purchased an asset for PIOO,OOO on January 1, 2021. It had an

The answer is P24,000. I just need the complete solution.

JKL Company purchased an asset for PIOO,OOO on January 1, 2021. It had an estimated useful life of 5 years and it was depreciated using the reducing balance method at a rate of 40%. On January 1, 2023, it was decided to change the method to straight-line. What is the carrying amount of the asset at December 31, 2023?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Jamie Pratt, Michael F Peters

11th Edition

1119745322, 978-1119745327

More Books

Students also viewed these Accounting questions

Question

★★★★★

On November 1, Cats Co. issued a 60-day note with a face amount of $70,000 to Nip Co. for inventory. a. Determine the due date of the note. b. Determine the proceeds of the note, assuming the note...

Answered: 1 week ago

Question

★★★★★

The following information relates to the manufacturing operations of Trevino Golf Company during the month of March. The company uses job order costing. a . Purchases of direct materials during the...

Answered: 1 week ago

Question

★★★★★

1. Obtain the perspective of a current graduate student who is pursuing a doctorate in clinical or counseling psychology. Many graduate programs provide e-mail addresses for their graduate students,...

Answered: 1 week ago

Question

★★★★★

1. Does the national Do Not Call Registry adversely affect the way that business is conducted in this country? If so, how? Should Congress enact a Do Not Spam law? Why or why not? 2. If 90 percent of...

Answered: 1 week ago

Question

★★★★★

September 30. Problem 17-2. Burtis Company produces a number of products. In 2002 the selling price of product A, whose sales are normally 10,000 units per year, was calculated as follows: Unit Costs...

Answered: 1 week ago

Question

★★★★★

Exercise 8-3 Leno Company makes swimsuits and sells these suits direct y to retailers. Although Leno has a variety o suits itdoes not make the A - od suit used by 1 skile ? swimmers T e are research...

Answered: 1 week ago

Question

★★★★★

Your instructor has a class policy that allows students to submit late assignments without a penalty once per term. You have been enjoying your time at university so far, but you are struggling with...

Answered: 1 week ago

Question

★★★★★

Sandra asks you to hand her an anemometer while you're working together on a job. What's she going to use it for? Question 5 options: a) Measuring humidity b) Measuring air volume c) Measuring...

Answered: 1 week ago

Question

★★★★★

Morty Albertson owns a funeral home business with two separate funeral homes that employ a total of 27 employees. One of the strategic goals for his business this year is customer focused: to...

Answered: 1 week ago

Question

★★★★★

1.According to results from a research trial for a painful, shoulder condition resulted in reduced pain and better physical function than treatment with just physical therapy. Researchers followed...

Answered: 1 week ago

Question

★★★★★

Exercise One TERM:" Mens Rea" Locate and cite the Colorado Statute addressing culpability requirements Locate and cite the William Mitchell Law Review article discussing Mens Rea in the State of...

Answered: 1 week ago

Question

★★★★★

1. Discuss what you think is meant by the following statements: a) Splitting an egg into half to get two chickens. b) We cannot study time by taking apart a clock.

Answered: 1 week ago

Question

★★★★★

5. Give some examples of hidden knowledge.

Answered: 1 week ago

Question

★★★★★

3. Try to clarify how you think when you are going to write a note aimed at influencing the leader of the department. Remember, it is not what you think, but how you think that should be clarified....

Answered: 1 week ago

Previous Question Next Question