3: MasMart had assets at 1 February 2002 with a carrying value in the financial statements of P600,000 and a tax written down value of 400,000. Accounting Depreciation was charged on the assets 10% reducing balance. WDAs are available at 25% also on the reducing balance basis. On 31 January 2004 MasMart sold all the assets for P500,000. In year ended 31