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How much depreciation expense to be recognized for bts co

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Problem 1: As of Dec. 31, 2020, BTS Co. had machinery recorded in its books in the total amount of P22,500,000.00 with an accumulated depreciation of P6,250,000.00. BTS adopts the straight line depreciation method to account for the depreciation of its machinery. All of its machinery have a useful life of 10 years. On Apr. 1, 2021, a machine purchased for P575,000 on Apr. 1, 2015, was stolen. BTS recovered P387,500 from its insurance company. How much is the depreciation expense to be recognized for 2021?

Reference no: EM132999068

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