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What journal entry to record depreciation for year one

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ABC Company purchased a land for Php800,000 with a useful life of 4 years during 2017 and chooses the revaluation model in accounting for its land. At December 31, 2017 and December 31, 2018, the fair value of the land was P750,000 and P800,000, respectively.

Question 1: The journal entry to record depreciation for year one will include a

Reference no: EM132628389

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