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What is the accumulated depreciation on December

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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 P240,000.

What is the accumulated depreciation on December 31, 2020?

Reference no: EM132916483

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