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What is the depreciation charge on the van

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Question - On January 1, 2020 The Jeremiah Company leased a van with a fair value of P37,000. The lease term is 6 years, and the present value of the lease payments is P35,520. The useful life of the van to the business was estimated at 7 years with no final residual value. The company operates a policy of straight line depreciation. What is the depreciation charge on the van in 2020?

Reference no: EM132934846

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