On September 20, 2020, Shamille Company purchased machinery for P7,600,000. Residual value was estimated to be P400,000. The machinery is depreciated over eight years using the sum of the years’ digits method. Depreciation is computed on the basis of the nearest fullest month. What amount should be recorded as depreciation for 2021? A. 1,450,000 B. 1,600,000 C. 1,550,000 D. 1,400,000

On September 20, 2020, Shamille Company purchased machinery for P7,600,000. Residual value was estimated to be P400,000. The machinery is depreciated over eight years using the sum of the years’ digits method. Depreciation is computed on the basis of the nearest fullest month. What amount should be recorded as depreciation for 2021? A. 1,450,000 B. 1,600,000 C. 1,550,000 D. 1,400,000

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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