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How much should ace report in its income statement

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Question - On March 1, 2019, Ace Corporation bought machinery under a contract that required a down-payment of P50,000, plus 24 monthly payments of P25,000. The cash equivalent price of the machine was P550,000. The machinery has an estimated useful life of 10 years and estimated salvage value of P25,000. Ace uses the straight-line method of depreciation. How much should Ace report in its 2019 income statement as depreciation of the machinery?

Reference no: EM132789192

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