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What should be the loss recognized from the sale

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Question 1: The Joyful Company purchased a machine on November 1, 2019 for P296,000. At the time of acquisition, the machine was estimated to have a useful life of ten years and estimated salvage value of P8,000. Joyful has recorded monthly depreciation using the straight-line method. On July 1, 2028, the machine was sold for P26,000. What should be the loss recognized from the sale of the machine?

Reference no: EM132597587

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