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Question - On January 1, 20x1, Le Minerale Corp. bought machinery under a contract that required a down payment of P 10,000 plus twenty four monthly payments of P 5,000 each, for total cash payments of P 130,000. The cash equivalent price of the machinery was P 110,000. It has an estimated useful life of 10 years and residual value of P 5,000. The company uses 150% declining balance method of depreciation. In its 20x1 statement of financial performance, what amount of depreciation shall be reported?
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