JPHEI Company purchased a machine on January 1, 2016 for P6,000,000. At the date of acquisition, the machine had a life of six years with no residual value. The machine was depreciated on a straight line basis. On January 1, 2019, the entity determined that the machine had a useful life of eight years from the date of acquisition with no residual value. What is the depreciation expense of the machine for 2019?

JPHEI Company purchased a machine on January 1, 2016 for P6,000,000. At the date of acquisition, the machine had a life of six years with no residual value. The machine was depreciated on a straight line basis. On January 1, 2019, the entity determined that the machine had a useful life of eight years from the date of acquisition with no residual value. What is the depreciation expense of the machine for 2019?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 8MC: On July 1, 2018, Mundo Corporation purchased factory equipment for 50,000. Residual value was...

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