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Find accumulated depreciation on machinery as of december

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A Company purchased a machine for P1,000,000 on January 1, 2015, with the following additional items paid or incurred:

Separation pay for laborer laid off upon acquisition of new machine     100,000

Loss on sale of machine replaced                                                     12,000

Transportation in                                                                           50,000

Installation cost                                                                               35,000

  • The new machine is estimated to have a useful life of 10 years and a residual value of P100,000.
  • On January 1, 2020, new parts which cost P15,000 were added to the machine so as to reduce its fuel consumption, but with no change in its estimated life or residual value.

Problem 1: The accumulated depreciation on the machinery as of December 31, 2020 is

Reference no: EM132822398

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