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What is the carrying amount of the machine on december

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Reference no: EM132772156

Maxene Company purchased a machine on May 31, 2017.  The related data is as follows:

Cost P4,800,000

Estimated useful life 10 years

Estimated residual value 240,000

The entity uses the straight-line method.

On December 31, 2018, after a quality improvement review, the entity determined the following:

New estimated useful life 8 years

New estimated residual value P104,800

Problem 1: What is the carrying amount of the machine on December 31, 2020?

Reference no: EM132772156

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