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What is the depreciation for the year

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Reference no: EM133131059

Question - At the beginning of current year, ABC Company bought machinery under a contract the required a down payment of P100,000 plus 24 monthly payments of P50,000 each. The cash price of machinery was P1,100,000. The machinery has a useful life of 10 years and a residual value of P50,000. The entity used a straight-line depreciation. What is the depreciation for the year?

Reference no: EM133131059

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