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What is the carrying value of the asset on december

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Question - On January 1, 2019, Uranus Company purchased an equipment for P1,970,000. On this date, the equipment has an estimated economic useful life of 12 years and estimated residual value of P98,000. It is the company's policy to depreciate this type of equipment using a sum-of- years digit. On January 1, 2023, Uranus Company made a review of the estimated life and salvage value of the equipment and the review revealed that the asset has a revised useful life of 14 years and a residual value of P100,000. The company also changed the method of depreciation to straight- line. What is the carrying value of the asset on December 31, 2024?

Reference no: EM133155019

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