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Find the depreciation expense reported for the years

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Question - On January 1, 2015, Wayne Company leased land for an initial 10-year period with an option to extend the lease for another 4 years on or before December 31, 2021.

On January 1, 2017, improvements made on the leased property was completed costing P215,000. The improvement was estimated to have an estimated life of 10 years. By yearend, Wayne Company remains undecided whether it will extend the lease or not.

In 2021, Wayne Company has decided it will make use of the extension clause.

Find the depreciation expense reported for the years 2015 - 2021?

Reference no: EM133109383

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