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2. A machine has a life of 8 years and a salvage value of 8% of the first cost at the end of 8 years.

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2. A machine has a life of 8 years and a salvage value of 8% of the first cost at the end of 8 years. If it has a book value of P60,200 at the end of the 6thyear, how much is the first cost of the machine if the constant percentage of declining value is used in the computation for its depreciation. Show Cash Flow Diagram (10pts)

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