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What is the depreciateion of the equipment

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Question - On July 1, 2016 Cabangan Company purchased rights to a mine. The total purchase price was P50,000,000 of which P5,000,000 was allocated to the land. Estimated reserves were 6,000,000. Cabangan expects to exract and sell 100,000 tons per month. Cabangan Company purchased new equipment on July 1, 2016 for P21,000,000 with estimated life of 8 years. However, after all the resource is removed, the equipment will be of no used and will be sold for P3,000,000. What is the depreciateion of the equipment for 2016?

Reference no: EM132924437

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