Land improvements As of December 31 2022 : Beginning balance - P5,000,000 Estimated useful life - 10
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Land improvements
As of December 31 2022:
Beginning balance - P5,000,000
Estimated useful life - 10 years
Depreciation method - 150% declining balance method
Accumulated Depreciation - P2,781,473
a. On July 1, 2023, an old fence surrounding the company premises with cost of P2,000,000 was demolished and construction of new fence begun. Total directly attributable cost incurred for the new fence is P3,500,000 with an estimated useful life of 10 years. The new fence was finished on October 31, 2023. The management estimates that the land improvement balance on January 1, 2023 were assessed to have 4 years of estimate useful life.
Question: How much is the accumulated depreciation balance of land improvements as of December 31, 2023?
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