Faith Company purchased an equipment on January 2, 2021 for P3,000,000. The equipment had an estimated useful
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Faith Company purchased an equipment on January 2, 2021 for P3,000,000. The equipment had an estimated useful life of 5 years. It is the company's policy to use the double declining method in its first two years and then switch to the straight-line method for the remaining useful life of the asset. How much is the balance of the accumulated depreciation account pertaining to the equipment as of December 31, 2023?
Related Book For
Financial Accounting Information for Decisions
ISBN: 978-1259533006
8th edition
Authors: John J. Wild
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