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How much is the book value of the equipment

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ABC Company has an equipment that has a book value of Php300,000 as of January 1, 2020. The remaining life of the equipment is 5 years and is depreciated using straight iine method. On August 1 2020, the entity decided to change its useful life of 6 years as of January 1, 2020.

Problem 1: As of the end of the 3rd quarter, how much is the book value of the equipment?

Option 1: 262,500.00
Option 2: 255,000.00
Option 3: 232,500.00
Option 4: 257,500.00
Option 5: None of the choices

Problem 2: In its 3rd quarter income statement, how much is the depreciation expense?

Option 1: 7,500.00
Option 2: 15,000.00
Option 3: 12,500.00
Option 4: 37,500.00
Option 5: None of the choices

Reference no: EM132943738

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