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II. Man Trading purchased a building worth P840,000 for its business on August 1, 2008. It is expected to be useful for six (6) years.

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II. Man Trading purchased a building worth P840,000 for its business on August 1, 2008. It is expected to be useful for six (6) years. Its expected value after six years is P45,000. 1. How much should be recognized as depreciation expense for the year 2008? 2. Prepare the adjusting entry for the year 2008 to record the depreciation

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