Question: X Company purchased a machinery with a useful life of 10 years on January 1, 2020 for P5,000,000. On December 31, 2020, the amount the

X Company purchased a machinery with a useful life of 10 years on January 1, 2020 for P5,000,000. On December 31, 2020, the amount the entity would receive from the disposal of the asset if it was already of the age and in the condition expected at the end of the useful life was estimated at P700,000. Inclusive of inflation of the actual amount expected to be received on disposal was estimated at P800,000. What is the depreciation for the current year?

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Answer The depreciation for the current year would be P500000 Calculations P500... View full answer

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