Love Company purchased a machine on April 1, 2017, for P750,000. At that time, was determined that the machine had an estimated useful life of 10 years and an estimated residual value of P30,000. The company used the double-declining balance method of depreciation and it is the company's policy to provide full-year depreciation in the year of acquisition and no

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Love Company purchased a machine on April 1, 2017, for P750,000.  At that time, was determined that the machine had an estimated useful life of 10 years and an estimated residual value of P30,000.  The company used the double-declining balance method of depreciation and it is the company's policy to provide full-year depreciation in the year of acquisition and no depreciation in the year of disposal.

In 2021, after appropriate justification, the company changed its depreciation method to straight-line, at which time the machine's remaining useful life was estimated to be four years (including the current year) without residual value.

How much is the depreciation expense for the machine for the year 2021?
Related Book For  answer-question

Intermediate Accounting

16th Edition

Authors: James D. Stice, Earl K. Stice, Fred Skousen

ISBN: 978-0324312140