On January 1, 2022, Fit and Fab Company purchased an equipment with an acquisition cost of P1,280,000. The residual value was estimated at 80,000 and its estimated useful life is eight years. Using Double Declining Balance method, how much is the depreciation expense for 2022? P300,000 P320,000 P225,000 P160,000 None of the above Nex 00