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What is accumulated depreciation on december for flair co

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On January 1,2017, Flair Company purchased a machine for P2,640,000 and depreciated it by the straight line using an estimated useful life of 8years with no residual value.

  • On January 1,2020,the entity determined that the machine had a useful life of 6years form the date of acquisition with a residual value of P240,000.

Problem 1: What is the accumulated depreciation on Decembet 31,2020?

Reference no: EM132834095

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