A man bought an equipment which cost P$524,000\mathrm{.}00.$ Freight and installation expenses cost him

P$31,000\mathrm{.}00.$ If the life of the equipment is $15$ years with an estimated salvage value of

P$120,000\mathrm{.}00,$ find its book value after $8$ years.

Ans. P$292,000$