Bright Company purchased factory equipment which was installed and put into service January 3, 2002 at a total cost of P1,280,000. Salvage value was estimated at P80,000. The equipment is being depreciated over 8 years by the double declining balance method. For the year 2003, how much depreciation expense should Bright record on this equipment? A. P225,000 B. P240,000 C. P300,000 D. P320,000

Bright Company purchased factory equipment which was installed and put into service January 3, 2002 at a total cost of P1,280,000. Salvage value was estimated at P80,000. The equipment is being depreciated over 8 years by the double declining balance method. For the year 2003, how much depreciation expense should Bright record on this equipment? A. P225,000 B. P240,000 C. P300,000 D. P320,000

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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