question archive Turtle Company purchased equipment on January 1,2015 for P5,000,000
Turtle Company purchased equipment on January 1,2015 for P5,000,000
Subject:AccountingPrice:3.87 Bought7
Turtle Company purchased equipment on January 1,2015 for P5,000,000. The equipment had an estimated 5-year service life. The depreciation policy for 5-year assets is to use the 200% double declining balance method for the first two years and then switch to the straight line depreciation method. In the December 31, 2017 statement of financial position, what amount should be reported as accumulated depreciation for the equipment?
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