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What should be the loss recognized from the sale

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Question - Jeter Company purchased a new machine on May 1, 2020 for P132,000. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of P6,000. The company has recorded monthly depreciation using the straight-line method. On March 1, 2029, the machine was sold for P18,000. What should be the loss recognized from the sale of the machine?

Reference no: EM132790927

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