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An equipment was purchased by MC Company for P250,000 on February 1, 2018. It has an estimated life of 5 years, after which the equipment can be sold for P10,000. How much is the depreciation expense of the equipment for 2018? Your answer The following account balances are presented before adjustments: How much is the Bad Debts Expense for the year if 10% of Accounts Receivable is uncollectible? Accounts Receivable Allowance for bad debts Sales P450,000 20,000 3,000,000