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Find the accumulated depreciation on the machinery

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Reference no: EM132851040

Question - 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.

Required - Find the accumulated depreciation on the machinery as of December 31, 2020?

Reference no: EM132851040

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