Spiderman Company purchased a machine on January 1, 2017 for P3,760,000. The machine was estimated to have a useful life of five years and a residual value of P240,000. The entity used the sum of years' digits method of depreciation. On January 1, 2020, the entity determined that the total . 'useful life of the machine should have been four years and the residual value is P352,000. What amount should be recorded as depreciation for 2020? а. 192,000 b. 444,000 с. 592,000 d. 704,000

Spiderman Company purchased a machine on January 1, 2017 for P3,760,000. The machine was estimated to have a useful life of five years and a residual value of P240,000. The entity used the sum of years' digits method of depreciation. On January 1, 2020, the entity determined that the total . 'useful life of the machine should have been four years and the residual value is P352,000. What amount should be recorded as depreciation for 2020? а. 192,000 b. 444,000 с. 592,000 d. 704,000

Name: Problem 27-21 (IAA)Spiderman Company purchased a machine on January 1
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Description: Problem 27-21 (IAA)Spiderman Company purchased a machine on January 1, 2017for P3,760,000. The machine was estimated to have a usefullife of five years and a residual value of P240,000. The entityused the sum of years' digits method of depreciation.

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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