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As of Jan. 1, 2021, Dignity Corp. decided to change the method of computing depreciation on its sole piece of equipment from the sum-of-the-years' digits method to the straight-line method. The equipment, acquired in January 2018 for P520,000, had an estimated life of five years and a residual value of P20,000.
Problem 1: The amount of the depreciation expense for 2021 is
A. P100,000 C. P50,000 B. P 60,000 D. P42,000
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