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PROBLEM 5: On January 1, 2011. Puzzle Company purchased a plating machine with a 5-year useful life for P135,000. Puzzle received a grant of P13,500 towards the capital cost. Company policy is to treat the grant as a reduction in the cost of the asset. Puzzle computes its depreciation on a straight line basis. 6. What should be the depreciation expense in respect of this machine for the year ended December 31, 2011