PROBLEM 2 (Nos. 3 and 4 are based on the following problem) On January 1, 2023, Eliseo Company acquired an equipment costing P1,290,000. The equipment was estimated to have a useful life of 9 years and a residual value of P75,000. Eliseo uses the SLM of depreciation. On December 31,2026 , Eliseo was able to ascertain that there were objective evidence of impairment of the asset. On this date, the selling price of the asset was P675,000 and its related cost to sell was P45,000. The asset was Page 3 of 6