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A Company purchased a machinery that was installed and ready for use on January 1, 2019 at a total cost of P960,000. Salvage value was

A Company purchased a machinery that was installed and ready for use on January 1, 2019 at a total cost of P960,000. Salvage value was estimated at P80,000. The machinery will be depreciated over five years using the double-declining balance method. How much will be recorded as depreciation expense on this machinery for the year 2020?*

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