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I. Audrey Miles Company purchased a building worth P919,000 on July 20, 2009. Its useful life was estimated to be 10 years and after its

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I. Audrey Miles Company purchased a building worth P919,000 on July 20, 2009. Its useful life was estimated to be 10 years and after its useful life, its value would be P19,000. Required: 1. Prepare the adjusting entry to take up the depreciation for the year 2009. 2. Book Value of the asset as of December 31, 2009

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