Audit of PPE The following data relate on the Plant Assets account of The Real, Inc. at December 31, 2020: Plant Assets N C P A Original Cost P 8?,500 P 12?,500 P 200,000 F 200,000 Residual value [1'50 [500 12,500 12,500 Year Purchased 2015 2015 201 T 201 9 Useful He 10 years 3?,500 hours 15 years 10 years Depreciation method SYD AcIiyity Straight-line 200% Declining Notes: I In the year an asset is purchased, The Real, Inc. record full year depreciation expense on the asset. I In the year an asset is retired or traded in, The Real, Inc. takes a zero depreciation on the asset. Additional information: The following transaction occurred during 2021: A. (In May 5, Asset N was sold for $32,500 cash. B. On December 31, it was determined that asset C had been used 5,250 hours during 2021. C. On December 31, before computing depreciation expense on Asset P, the management of The Real, Inc. decided the useful life remaining from 1f1f2021 was 10 years. D. On December 31, it was discoyered that a plant asset purchased in 2020 had been expensed completely in that year. This asset costs $55,000 and has useful life of 10 years and no salvage value. Management has decided to use the doubledeclining balance for this asset, which can be referred to as "Asset FL\