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Find the book value for the eighth year

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Solid Builders Corporation purchased a transport mixer for P984 000.00. This equipment is to be depreciated using the Matheson formula, estimated life is seven years with a salvage value of P81 000.00. After five years of use the mixer is overhauled at a cost P250 000.00, which results in the extension of its useful life by another three years. Assuming the salvage value did not change; find the book value for the eighth year.

Reference no: EM133275441

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