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How much is the depreciation

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Question - As of December 31, 2020, A Company had the following properties in its books:

 

Cost

Accumulated Depreciation

Building

5,000,000

960,000

Machinery

4,000,000

600,000

The building had a salvage value of P200,000. Both properties were being depreciated using the straight-line method of accounting and had an original useful life of 10 years each.

On January 1, 2021, the company decided to use SYD method to depreciate the building. In addition, the machinery was re-evaluated to have a useful life of 4 years.

Required - How much is the depreciation in 2021 (round to nearest whole figure)?

Reference no: EM133078636

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