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On July 1, 2020, New Orleans Corporation purchased equipment at a cost of P340,000. The...

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Accounting

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On July 1, 2020, New Orleans Corporation purchased equipment at a cost of P340,000. The equipment has an estimated salvage value of P30,000 and is being depreciated over an estimated life of 8 years under the double-declining-balance method of depreciation. The depreciation to be recognized in 2020 is O 38,750 O 42.500 0 85.000 0 77.500

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