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What amount broadbent report as accumulated depreciation

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Problem 1: Broadbent Company determined that due to obsolescence, equipment with original cost of P1,800,000 and accumulated depreciation at December 31, 2018 of P840,000 had suffered permanent impairment and as a result should have a carrying value of only P600,000 at that date. In addition, the remaining useful life of the equipment was reduced from eight to three years. In its December 31, 2019 statement of financial position, what amount should Broadbent report as accumulated depreciation?

Reference no: EM132674982

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