ABC CO. started operations on September 1, 2017. ABC's accounts at December 31,2020 included the following balances: Details of machines owned at December 31,2020 are as follows: Additional information: - ABC calculates depreciation to the nearest month and balances the records at month-end. Recorded amounts are rounded to the nearest peso, and the reporting date is December 31 . - ABC uses straight-line depreciation for all depreciable assets except vehicles, which are depreciated on the diminishing balance at 40% per annum. - The vehicles account balances reflect the total paid for two identical delivery vehicles, each of which cost P234,000. - On acquiring the land and building, ABC estimated the building's useful life and residual value at 20 years and P50,000, respectively. The following transactions occurred from January 1,2021 : Questions: 1. What should be the depreciation expense for the vehicles for 2021 ? 2. What should be the depreciation expense for the machinery for 2021 ? 3. What should be the balance of the Accumulated depreciation - Office furniture account at December 31 , 2022? 4. What should be the depreciation expense for the machinery for 2023 ? 5. What should be the total depreciation expense for 2023 ? ABC CO. started operations on September 1, 2017. ABC's accounts at December 31,2020 included the following balances: Details of machines owned at December 31,2020 are as follows: Additional information: - ABC calculates depreciation to the nearest month and balances the records at month-end. Recorded amounts are rounded to the nearest peso, and the reporting date is December 31 . - ABC uses straight-line depreciation for all depreciable assets except vehicles, which are depreciated on the diminishing balance at 40% per annum. - The vehicles account balances reflect the total paid for two identical delivery vehicles, each of which cost P234,000. - On acquiring the land and building, ABC estimated the building's useful life and residual value at 20 years and P50,000, respectively. The following transactions occurred from January 1,2021 : Questions: 1. What should be the depreciation expense for the vehicles for 2021 ? 2. What should be the depreciation expense for the machinery for 2021 ? 3. What should be the balance of the Accumulated depreciation - Office furniture account at December 31 , 2022? 4. What should be the depreciation expense for the machinery for 2023 ? 5. What should be the total depreciation expense for 2023