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What the amount of depreciation expense recorded

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Question - Lee Company received an P 1,800,000 subsidy from the government to purchase manufacturing equipment on January 2, 2021. The equipment has a cost of P 3,000,000, a useful life a six-years, and no salvage value. Lee depreciates the equipment on a straight-line basis.

If Lee chooses to account for the grant as an adjustment to the asset, what the amount of depreciation expense recorded in 2021?

Reference no: EM132791323

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