An asset is purchased at a cost of P110 000 on 1 January 2016. The asset has a useful of 10 years. The company expects to sell assets after 5 years for an estimated P30 000 before taking into consideration the expected costs of disposal of P20 000. The straight-line method of depreciation is to be used for this asset. Calculate the depreciation for the year ended 31 October 2016.