Question
Faith Company purchased an equipment on January 2, 2021 for P3,000,000. The equipment had an estimated useful life of 5 years. It is the company's
Faith Company purchased an equipment on January 2, 2021 for P3,000,000. The equipment had an estimated useful life of 5 years. It is the company's policy to use the double declining method in its first two years and then switch to the straight-line method for the remaining useful life of the asset. How much is the balance of the accumulated depreciation account pertaining to the equipment as of December 31, 2023?
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Financial Accounting Information for Decisions
Authors: John J. Wild
8th edition
125953300X, 978-1259533006
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