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What will be the depreciation expense for the crane

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Problem 1: ABC, Inc. purchased a crane on January 1, 2018, for P205,500. At the time of purchase, the crane was estimated to have a life of 6 years and a residual value of P13,500. In 2020, ABC Inc. determined that the crane had a total useful life of 7 years and a residual value of P9,000. If ABC Inc. uses the straight line method of depreciation, what will be the depreciation expense for the crane in 2020?

a. P32,000
b. P26,500
c. P18,928
d. P16,000

Reference no: EM132891077

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