8. On January 1, 2008, Flax Companypurchased a machine for P5,280,000 anddepreciated it by the straight line methodusing an estimated useful life of eight yearswith no residual value. On January 1, 2011,Flax determined that the machine had auseful life of six years from the date ofacquisition and will have a residual value ofP480,000. An accounting change was madein 2011 to reflect these additional data. Whatis the accumulated depreciation for themachine on December 31, 2011?O a. 2,920,000b. 3,080,000c. 3,200,000d. 3,520,000

Name: 8. On January 1, 2008, Flax Companypurchased a machine for P5,280,000
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Description: 8. On January 1, 2008, Flax Companypurchased a machine for P5,280,000 anddepreciated it by the straight line methodusing an estimated useful life of eight yearswith no residual value. On January 1, 2011,Flax determined that the machine had auseful l

Depreciation is the gradual conversion of the cost of a fixed asset into expense. It does not mean…

Business

Accounting

Ty pany rchased a machine for P5,280,000 a preciated it by the straight line meth ing an estimated useful life of eight th no residual value. On January 1, 20 ax determined that the machine had eful life of six years from the date of quisition and will have a residual valu

Ty pany rchased a machine for P5,280,000 a preciated it by the straight line meth ing an estimated useful life of eight th no residual value. On January 1, 20 ax determined that the machine had eful life of six years from the date of quisition and will have a residual valu

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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What is the proper solution for this problem
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