Mr. Jhonny bought a car worth P900,000 last January 1, 2000, and intend to sell it for P300,000 after its 10-year life. a) What amount had accumulated in the depreciation reserve at the end of 2003 if the declining balance method was used?

Mr. Jhonny bought a car worth P900,000 last January 1, 2000, and intend to sell it for P300,000 after its 10-year life. a) What amount had accumulated in the depreciation reserve at the end of 2003 if the declining balance method was used?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 8PA: Referring to PA7 where Kenzie Company purchased a 3-D printer for $450,000, consider how the...

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Question

Mr. Jhonny bought a car worth P900,000 last January 1, 2000, and intend to sell it for P300,000
after its 10-year life.
a) What amount had accumulated in the depreciation reserve at the end of 2003 if the
declining balance method was used?

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