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What the annual depreciation charge on the machine

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Reference no: EM133151973

Question - Freedom Company purchased a machine for P100,000 on January 1, 2021, with the following additional items paid or incurred:

Separation pay for laborer laid off upon acquisition of new machine 1,200

Loss on sale of machine replaced 1,300

Transportation in 1,000

Installation cost 4,000

The new machine is estimated to have a useful life of 10 years and a residual value of P4,000.

On January 1, 2024, new parts which cost P12,600 were added to the machine so as to reduce its fuel consumption, but with no change in its estimated life or residual value.

What the annual depreciation charge on the machine for 2024?

Reference no: EM133151973

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