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What is total change against income as result of accounting

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Reference no: EM132785614

On January 1,2020,Canyon Company decided to decrease the estinated useful life of the patent from 10 years to 8 years.

  • The patent was purchased on January 1,2015 for P3,000,000 with residual value of zero.
  • The entity decided on January 1,2020 to change the depreciation metjod from accelarated method to straight line.
  • On January 1,2020 the cost of the equipment is P8,000,000 and the accumulated depreciation is P3,400,000. 
  • The remaining useful life of the equipment on January 1,2020 is 10years and the residual value is P200,000.

problem 1: What is the total change against 2020 income as a result of the accounting change?

Reference no: EM132785614

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