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How much should be the accumulated depreciation balance

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Question - KM Company purchased machinery that was installed and ready for use on January 2, 2019 at a total cost of P960,000. Salvage value was estimated at P50,000. The machinery will be depreciated over five years using the double-declining balance method. How much should be the accumulated depreciation balance at December 31, 2020?

a. P230,400 b. P384,000 c. P768,000 d. P614,400

Reference no: EM132793182

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