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How much depreciation expense should be recognized in profit

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Reference no: EM133133962

Question - The Jessica Company purchased a drilling machine on October 1, 2018 at a cost of P250,000 and depreciated it at 25% per annum on a straight-line basis. On October 1, 2020, P50,000 was spent on an upgrade to the machine in order to improve its efficiency and increase the inflow of economic benefits over the machine's remaining life. How much depreciation expense should be recognized in profit or loss for the year ended September 30, 2021?

Reference no: EM133133962

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