On January 1, 2008, Flax Company purchased a machine for P5,280,000 and depreciated it by the straight line method using an estimated useful life of eight years with no residual value. On January 1, 2011, Flax determined that the machine had a useful life of six years from the date of acquisition and will have a residual value of P480,000. An accounting change was made in 2011 to reflect these additional data. What is the accumulated depreciation for the machine on December 31, 2011? a. 2,920,000 b. 3,080,000 c. 3,200,000 d. 3,520,000

On January 1, 2008, Flax Company purchased a machine for P5,280,000 and depreciated it by the straight line method using an estimated useful life of eight years with no residual value. On January 1, 2011, Flax determined that the machine had a useful life of six years from the date of acquisition and will have a residual value of P480,000. An accounting change was made in 2011 to reflect these additional data. What is the accumulated depreciation for the machine on December 31, 2011? a. 2,920,000 b. 3,080,000 c. 3,200,000 d. 3,520,000

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

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 11E: On January 1, 2014, Klinefelter Company purchased a building for 520,000. The building had an...

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