On January 1, 2019, TPS Company purchased for P4,800,000 a machine with a useful life of ten years and a residual value of P200,000. The machine was depreciated by the double declining balance 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. What is the depreciation expense on this machine for 2021? A P359,000 B P384,000 P287,200 D P575,000

On January 1, 2019, TPS Company purchased for P4,800,000 a machine with a useful life of ten years and a residual value of P200,000. The machine was depreciated by the double declining balance 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. What is the depreciation expense on this machine for 2021? A P359,000 B P384,000 P287,200 D P575,000

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Description: On January 1, 2019, TPS Company purchased for P4,800,000 a machine with a useful life of ten years and a residual valueof P200,000.The machine was depreciated by the double declining balance and the carrying amount of the machine was P3,072,000 onDe

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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