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55. SP Machine Shop Company acquired a machine on Jan 1, 2019 for P8,000,000. The machine had an 8-year useful life with P800,000 residual value

55. SP Machine Shop Company acquired a machine on Jan 1, 2019 for P8,000,000. The machine had an 8-year useful life with P800,000 residual value and was depreciated using the 200% diminishing balance (DDB) method. In Jan 2021, the entity estimated that the useful life of the asset from the date of acquisition should have been six years and the residual value is P320,000. What is the depreciation for 2021?

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