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Question - On January 1, 2019, Uranus Company purchased an equipment for P1,970,000. On this date, the equipment has an estimated economic useful life of 12 years and estimated residual value of P98,000. It is the company's policy to depreciate this type of equipment using a sum-of- years digit. On January 1, 2023, Uranus Company made a review of the estimated life and salvage value of the equipment and the review revealed that the asset has a revised useful life of 14 years and a residual value of P100,000. The company also changed the method of depreciation to straight- line. What is the carrying value of the asset on December 31, 2024?
jake owns an insurance policy on the life of his father mike. upon mikes death the policy proceeds of 1000000 are paid
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Motorbike, purchased with cash of P600,000 received as gift from the mother during the year - 500,000. How much is the vanishing deduction on the motorbike
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