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An asset Pluto Company was acquired on January 1, 2020 for P800,000 and is expected to have a 5-year useful life. Straight-line method of depreciation

An asset Pluto Company was acquired on January 1, 2020 for P800,000 and is expected to have a 5-year useful life. Straight-line method of depreciation will be used. At January 1, 2022, the asset is appraised as having a sound value (depreciated replacement cost) of P720,000. What is the replacement cost of the asset on January 1, 2022?

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