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 the same information on number (19), still using Double Declining Balance method, how much should be recorded as accumulated depreciation as of year 2024? P740,000 None of the above OP540,000 P560,000 P180,000