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What is the amount of depreciation

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Question - A depreciable asset which was acquired by Pyte Company on January 1, 2020 costing P750,000 is estimated to have a useful life of 10 years with no salvage value. The asset is depreciated using the straight line method (SLM). The Pyte Company was able to acquire an information that the remaining useful life of the asset is shorter than originally estimated. Based on reliable source, the original life is changed to 7 years on January 1, 2022. What is the amount of depreciation to be reported in the income statement of 2022?

Reference no: EM133031692

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