Marvel Enterprise had been using an old equipment which was purchased on January 2, 2018 at P540,000. It had a useful life of 10 years and a salvage value of P40,000. On April 1, 2022, it was exchanged for a new equipment for P680,000. At the date of exchange, the fair value of the old equipment was P320,000. The exchange has commercial substance. What was the accumulated depreciation of the old equipment at the date of exchange?

Group of answer choices

212,500

327,500

229,500

310,500