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What is the depreciation expense for the year

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Question - On January 1, 2018, Eagle Company purchased a machinery at a cost of P 10,000,000 with an estimated useful life of 10 years and residual value of P1,000,000. The straight-line method of depreciation is used by the entity. In early January 2022, it was decided to change the existing depreciation method to sum-of-years digit method. The revised useful life is 5 years. Other factors of depreciation remained unchanged. What is the depreciation expense for the year 2022?

Reference no: EM133076089

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