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Question - Rome Enterprises bought a machine for P1,000,000 on January 1, 2015. The machine's useful life is 10 years and it is estimated to have a zero residual value and is depreciated using the straight-line method. The fair value (market-based evidence) of the machine is as follows:
December 31, 2017: P880,000
December 31, 2019: P400,000
December 31, 2021: P360,000
Required - Prepare all the necessary journal entries from 2015 to 2021.
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