On January 1, 2021, Norway Company leased machinery from Chile Company for 5 years. The useful life of the asset is 10 years. Equal annual payments under the lease are P1,800,000 and are due on December 31 each year starting December 31, 2021. The bargain purchase option to be reasonably exercised at the end of the lease term is P300,000. The incremental borrowing rate is 12%. The implicit interest rate is 14%. (Use 2 decimal places for PV factor). How much is the depreciation expense on December 31, 2021?