On January 1, 2021, Capiz Company purchased factory equipment for P8,000,000. Estimated salvage value was P320,000. Estimated useful life of the equipment is 10 years and will be depreciated using the double declining balance method.

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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.