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What would be the carrying amount of the machine

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A. BREW Company purchased a machine on January 1, 2016 for P6,000,000. At the date of acquisition, the machine had a life of six years with no residual value. The machine is being depreciated on a straight line basis. On January 1, 2019, BREW determined that the machine had a useful life of eight years from the date of acquisition with no residual value.

Q1. What would be the carrying amount of the machine on December 31, 2019?

B. On January 1, 2016, FLOR Company purchased a machine for P5,280,000 and depreciated it by the straight line method using an estimated useful life of eight years with no residual value. On January 1, 2019, FLOR determined that the machine had a useful life of six years from the date of acquisition and will have a residual value of P480,000. An accounting change was made in 2019 to reflect these additional data.

Q1. What is the balance of accumulated depreciation for the machine on December 31, 2019?

Q2. The carrying amount of the machine on December 31, 2019 should be ________________.

Reference no: EM133079362

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