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What is the depreciation expense to be recognized

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Question - On January 1, 2015, A Company purchased machinery for P7,000,000. The asset had a useful life of 8 years and a residual value of P200,000. On January 1, 2021, the company determined that the useful life is 10 years from acquisition and residual value is P250,000. What is the depreciation expense to be recognized in 2021 for the machinery?

Reference no: EM133075133

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