P500,000. At the time, it was determined that the machine had Standard Company purchased a machine on January 1, 2019 for an estimated useful life of 10 years and an estimated residual value of P20,000. balance method of depreciation. The company used the double-declining During 2022, the company which time, the machine's remaining useful life was estimated to decided to change its depreciation method to straight line, at be 5 years, including the current year, with a residual value at the end of useful life of P10,000. REQUIRED: What is the depreciation expense for the machine for the year 2023