Twin Company purchased a new van for floral deliveries on January 1, 2022. The van cost P960,000 with an estimated life of 5 years and P240,000 salvage value at the end of its useful life. The double-declining-balance method of depreciation will be used. What is the balance of the Accumulated Depreciation account at the end of 2023?

Answer rating: 100% (QA)

Cost of the van P 960000 Estimated life 5 years Salvage value P 240000 Depreciation rate ... View the full answer