Items 3 and 4. On January 1, 2019, Predo Inc. purchased equipment with a cost of P2,550,000, a useful life of 15 years and no salvage value. The company uses straight-line depreciation. At December 31, 2019, an independent appraiser determines that the fair value of the equipment is P2,500,000 Predo elects to revalue the asset. 3. At December 31, 2019, the journal entry to revalue the equipment will include a a. debit to Depreciation Expense for P255,000 b. credit to Equipment for P50,000. C. credit to Accumulated Depreciation for P170,000. d. credit to Revaluation Surplus for P150,000. 4. The 2020 (second year) income statement will report depreciation expense for the equipment of a. P178,571 b. P170,000 c. P166,667