MNR traders purchased an equipment dated 01/01/2018 for P400,000 Amount spent on erection of the equipment=P15,000 Freight charges =P10,000 Depreciation is charged at 10% per annum on the straight-line method. The books are closed on 31- March each year. Calculate the amount of depreciation on machinery for the first two years.

MNR traders purchased an equipment dated 01/01/2018 for P400,000 Amount spent on erection of the equipment=P15,000 Freight charges =P10,000 Depreciation is charged at 10% per annum on the straight-line method. The books are closed on 31- March each year. Calculate the amount of depreciation on machinery for the first two years.

Name: MNR traders purchased an equipment dated 01/01/2018 for P400,000Amoun
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Description: MNR traders purchased an equipment dated 01/01/2018 for P400,000Amount spent on erection of the equipment=P15,000Freight charges =P10,000Depreciation is charged at 10% per annum on the straight-line method. Thebooks are closed on 31 March each year.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter18: Accounting For Long-term Assets

Section: Chapter Questions

Problem 3CE: A machine costing 350,000 has a salvage value of 15,000 and an estimated life of three years....

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