Solution-Journalize the entry to recorded the exchange

Journalize the entry to recorded the exchange

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Reference no: EM132554716

DZion Company a furniture acquired new equipment at a cost of P 1,500.000 at the beginning of the fiscal year. The equipment has an estimated life of 5 years and an estimated residual value of P 120,000. Elaine Dizon, the president has requested information regarding alternative depreciation methods.

Required:

Question A. Determine the annual depreciation for each of the years of estimated useful life of the equipment at the end of each year by:

straight line method
Declining-balance method (at twice the straight -line rate)

Question B. Assume that the equipment was depreciated under the declining balance method in the first week of the fifty year the equipment was traded in for similar equipment prices at P 1, 750,000. The trade in allowance on the old equioment was P 100,000 and cash was paid for the balance. Journalize the entry to recorded the exchange.

Reference no: EM132554716

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Journalize the entry to recorded the exchange

Reference no: EM132554716

Reference no: EM132554716

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