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What amount should bergify recognize as depreciation expense

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Question - On January 2, 2022, Bergify Co. entered into a 5-year lease contract for drilling equipment. Bergify recorded the lease liability for P2,400,000, which includes a present value of P100,000 for the purchase option. Bergify estimates that the fair value of the equipment at the end of its 8-year economic life will be P200,000. Bergify uses double-declining method of depreciating its assets. What amount should Bergify recognize as depreciation expense on the leased asset for 2022?

Reference no: EM133178471

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