Lanzones Company bought a machine on January 1, 2016 for P240,000 at which time it had an estimated useful live of eight years with no residual value. Straight line method of depreciation is used for all Lanzones' depreciable assets. On January 1, 2018, the machine's estimated useful life was determined to be only 6 years from the acquisition date.

Required:

1. Compute the carrying value of the machine on 1/1/2018
2. How many years is the remaining life of the machine
3. Compute the depreciation per year starting year 2018

Please use the proper formula or way of computing for accountancy students.