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How much is the depreciation for the year

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Question 1 - On January 1, 2022, Kyle Co. purchased an equipment for P15,435,000. The equipment had been depreciated using the straight-line method with residual value of P945,000 and useful life of 18 years. On January 1, 2024, the entity determined that the remaining useful life is 8 years and the residual value is P1,370,000. What is the depreciation for 2024?

Question 2 - On January 1, 2022, Leo Company purchased a machine for P8,500,000 and depreciated it by the straight line using an estimated life of 14 years with P450,000 salvage value. On January 1, 2024, Leo determined that the machine had a remaining useful life of 8 years with no salvage. An accounting change was made in 2024 to reflect these additional data. How much is the depreciation for the year 2022?

Reference no: EM133141511

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