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What is the carrying value of the transportation equipment

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Question - On January 2, 2008, Protein Company purchased a transportation equipment costing P2,400,000. The new asset has an estimated useful life of 8 years with no salvage value. Protein Company depreciates this type of asset using the straight-line method. On January 2, 2010, Protein determined that the machine had a useful life of 6 years from the date of acquisition with no salvage value. As a result of the change in the estimated useful life of the asset, what is the carrying value of the transportation equipment as of December 31, 2010?

Reference no: EM132958321

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