Phil Inc., whose fiscal year ends on Dec. 31, 2021, purchased a unit of equipment for a total cost of P5,000,000. The equipment is expected to have a 5-year useful life and a residual value of 10% of its original cost. Using the straight-line method, how much is the carrying value of equipment as of December 31, 2024? O P500,000 O P4,500,000 OP900,000 O P1,400,000 2 pts Question 68