On January 1, 2021, Rey Company purchased a machine for P511,000 that was placed in service on March 1, 2021. Additional costs incurred to bring the asset to its location and prepare for its intended use were: shipping, P5,000; installation, P4,000; and testing, P2,000. The estimated useful life of the asset was 10years and has estimated salvage value of P30,000. What amount of depreciation should be recognized for the year ended December 31, 2021? 35,250 47,000 50.000 37.500