Reference no: EM132696634
On January 1, 2017, Flax Company purchased a machine for P5,280,000 and depreciated it by the straight line method using an estimated useful life of eight years with no residual value.
On January 1, 2020, the entity determined that the machine had a useful life of six years from the date of acquisition and the residual value was P480,000.
An accounting change was made in 2020 to reflect this additional information.
Problem 1: What is the accumulated depreciation for the machine on December 31, 2020?
a. 2,920,000 b. 3,080,000 c. 3,200,000 d. 3,520,000
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