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How much is the depreciation for the year

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Question - 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: EM133147817

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