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What is total charge against income as result of accounting

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On January 1,2020, Canyon Company decided to decrease the estimated useful life of the patent from 10years to 8 years. The patent was purchased on January 1,2015 for P3,000,000 with estimated residual value of zero. The entity decided on January 1,2020 to change the depreciation method from accelerated method to straight line. On January 1,2020, the cost of the equipment is P8,000,000 and the accumulated depreciation is P3,400,000. The remaining useful life of the equipment on January 1,2020 is 10years and the residual value is P200,000.

Problem 1: What is the total charge against 2020 income as a result of accounting changes?

Reference no: EM132816677

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