Reference no: EM132736152
Below are the historical cost balances of the property, plant and equipment of Roosevelt Company at January 1, 2018:
Land Php 14,000,000
Buildings and improvements 84,000,000
Machinery and equipment 112,000,000
Total Php 210,000,000
Accumulated Depreciation:
Buildings and improvements 10,500,000
Machinery and equipment 28,000,000 38,500,000
Net book value Php 171,500,000
An appraisal was made for all of Roosevelt's Property, Plant and Equipment on the same date. The appraisal report disclosed the following:
Fair Values Remaining Useful Life
Land Php 28,000,000
Buildings and improvements 126,000,000 18 years
Machinery and equipment 126,000,000 7 years
Total Php 280,000,000
- There were no additions or disposals during 2018. Depreciation expense is computed based on a straightline method. The estimated useful life applied to buildings and improvements was 20 years and 10 years for machinery and equipment.
Problem 1: How much should be the depreciation expense of Roosevelt for the year ended December 31, 2018?
Problem 2: How much should be the balance of Revaluation Surplus account on December 31, 2018?
|
Formulate an ip model for problem
: Each tow bar requires 3.2 hours on machine 1 and 2 hours on machine 2. Each stabilizer bar requires 2.4 hours on machine 1 and 3 hours on machine 2.
|
|
At what amount should the notes payable be shown
: On May 1, 2019, the Rounger Corporation purchased two new cars from Honda Corporation. The terms of the sale called for Rounger to pay P3,924,000 on April 30.
|
|
Find what amount should recorded as depreciation expense
: What amount should be recorded as depreciation expense on 2020? London Mining Company estimates a recoverable output of 500,000 tons from the mine.
|
|
Calculate the labor productivity for pccorp
: Calculate the labor productivity for PCCorp with respect to units shipped.
|
|
How much should be the depreciation expense of roosevelt
: An appraisal was made for all of Roosevelt's Property, How much should be the depreciation expense of Roosevelt for the year ended December 31, 2018?
|
|
What is corporate governance
: What is corporate governance? List five corporate governance provisions that are internal to a firm and are under its control.
|
|
Calculate the amount of the proceeds
: On July 1, 2021, Sheridan Company issued 2400 shares of its $10 par common stock and 4800 shares of its $10 par convertible preferred stock for a lump sum.
|
|
What is the eoq for electric motor
: A distributor of electric motors experiences an annual demand of 10,000 motors which cost $30 per motor. She orders the motors in a batch ordering process
|
|
Demand for the close encounters
: The process to make this razor involves three steps - Blade forming; Blade sharpening; and Handle assembly.
|