Mustang Company changed from straight line depreciation to double declining balancemethod at the beginning of 2021. The plant asset originally cost P1,500,000 in 2016using the straight-line depreciation. Periodic depreciation using the straight-line methodis P60,000. What amount of depreciation should Mustang recognize for the year 2021?

Step 1 Depreciation is the written don in the value of the assets.

Mustang Company changed from straight line depreciation to double declinir method at the beginning of 2021. The plant asset originally cost P1,500,000 using the straight-line depreciation. Periodic depreciation using the straight-li is P60,000. What amount of depreciation should Mustang recognize for the y

Mustang Company changed from straight line depreciation to double declinir method at the beginning of 2021. The plant asset originally cost P1,500,000 using the straight-line depreciation. Periodic depreciation using the straight-li is P60,000. What amount of depreciation should Mustang recognize for the y

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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