Standard Company purchased a machine on January 1, 2009 for P500,000. At the time, it was determined that the machine had an estimated useful life of 10 years and an estimated residual value of P20,000. balance method of depreciation. During 2013, the company decided to change its depreciation method to straight line, at which time, the machine's remaining uscful life was estimated to be 5 years, including the current year, with a residual value at the end of useful life of P10,000. The company used the double-declining REQUIRED: What is the depreciation èxpense for the machine for the year 2013?

Standard Company purchased a machine on January 1, 2009 for P500,000. At the time, it was determined that the machine had an estimated useful life of 10 years and an estimated residual value of P20,000. balance method of depreciation. During 2013, the company decided to change its depreciation method to straight line, at which time, the machine's remaining uscful life was estimated to be 5 years, including the current year, with a residual value at the end of useful life of P10,000. The company used the double-declining REQUIRED: What is the depreciation èxpense for the machine for the year 2013?

Name: Standard Company purchased a machine on January 1, 2009 forP500,000.
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Description: Standard Company purchased a machine on January 1, 2009 forP500,000. At the time, it was determined that the machine hadan estimated useful life of 10 years and an estimated residualvalue of P20,000.balance method of depreciation.decided to change i

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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