On August 31, 2019, CAMELLIA Company purchased a new machinery for ₱540,000. The machinery has an estimated useful life of 5 years and depreciation is computed using the SYD method. Estimated salvage value of the machine is ₱60,000. Question 1: What is the total accumulated depreciation on December 31, 2020?  Question 2:  If CAMELLIA decides to change its depreciation method to straight-line at the start of 2021, what is the depreciation expense for the year ended December 31, 2021?

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Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.