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On the first day of its current fiscal year, Lupao Corporation purchased equipment costing P400,000 with a salvage value of P80,000. Depreciation expense for

 

On the first day of its current fiscal year, Lupao Corporation purchased equipment costing P400,000 with a salvage value of P80,000. Depreciation expense for the year was P160,000. If Lupao uses the double-declining-balance method of depreciation, what is the estimated useful life of the asset?

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