Bronx company acquired a machine on january 2011 at a

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29. Bronx Company acquired a machine on January 2011 at a cost of P2,500,000. The estimated residual value of the machinery is P400,000 and has an estimated useful life of 8 years to be depreciated under the straight-line method. In January of 2015, Bronx has determined that there was a permanent impairment in the value of the machinery, therefore Bronx recorded an impairment loss of P450,000 and estimated that the remaining useful life of the machine is two years with no residual value. At what amount should the machinery be reported in Bronx ’s December 31 2015 statement of financial position?
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