5 points What amount should be recorded as depreciation for 2021? * On January 1, 2019, Brazilia Company purchased for P4,800,000 a machine with a useful life of ten years and residual value of P200,000. The machine was depreciated by the double declining balance method and the carrying amount of the machine was P3,072,000 on December 31, 2020. The entity changed to the straight line method on January 1, 2021. The residual value did not change. 287200 384000 460000 359000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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5 points
What amount should be recorded as depreciation for 2021? *
On January 1, 2019, Brazilia Company purchased for
P4,800,000 a machine with a useful life of ten years and
residual value of P200,000.
The machine was depreciated by the double declining balance
method and the carrying amount of the machine was
P3,072,000 on December 31, 2020. The entity changed to the
straight line method on January 1, 2021. The residual value
did not change.
287200
384000
460000
359000
Transcribed Image Text:5 points What amount should be recorded as depreciation for 2021? * On January 1, 2019, Brazilia Company purchased for P4,800,000 a machine with a useful life of ten years and residual value of P200,000. The machine was depreciated by the double declining balance method and the carrying amount of the machine was P3,072,000 on December 31, 2020. The entity changed to the straight line method on January 1, 2021. The residual value did not change. 287200 384000 460000 359000
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