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An asset is purchased for P 20,000. Its estimated life is 10 years after which will be sold for P 12,000. Find the depreciation for the first year using sum of the years digit method P 2,456.78 P 1,678.98 P 2,345.56 P 1,454.54

An asset is purchased for P 20,000. Its estimated life is 10 years after which will be sold for P 12,000. Find the depreciation for the first year using sum of the years digit method P 2,456.78 P 1,678.98 P 2,345.56 P 1,454.54

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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An asset is purchased for P 20,000. Its estimated life is 10 years after which will be sold for P 12,000. Find the depreciation for the first year using sum of the years digit method P 2,456.78 P 1,678.98 P 2,345.56 P 1,454.54
Transcribed Image Text:An asset is purchased for P 20,000. Its estimated life is 10 years after which will be sold for P 12,000. Find the depreciation for the first year using sum of the years digit method P 2,456.78 P 1,678.98 P 2,345.56 P 1,454.54
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