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What is the accumulated depreciation for the machine

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Question - 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 P480,000. The entity also made a decision to change the depreciation method to sum of years digits. What is the accumulated depreciation for the machine on December 31, 2020?

Reference no: EM132911732

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