Vivid Company acquired a machine on January 1, 20x1 for P10,000,000. The machine has an...
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Vivid Company acquired a machine on January 1, 20x1 for P10,000,000. The machine has an 8-year useful life with a P1,000,000 residual value and was depreciated using the sum of the year's digits method. In January 203, the entity estimated that the asset's useful life from the date of acquisition should have been six years and the residual value is P400,000. How much is the accumulated depreciation as of December 31,203 ? Answer: Answer Question 33 Not yet answered Marked out of 1.00 On December 31, 20x1, Lin Co. purchased an equipment with an estimated useful life of 10 years. The equipment was expected to have a residual value of P5,000 at the end of its service life. The sum-of-the-years-digits method was used in computing depreciation. For the year ended December 31,205, the depreciation applicable to this equipment was P42,000. What was the acquisition cost of the equipment
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