Problem 3: Carrying Amount and Depreciation The automoblle account of the Corporation appears below as at December 31,2019: Your examination revealed that Php 7,900 represents the 2019 registration fees of the Corporation's motor vehicles. The charge of Php 254,000 represents the invoice price of a new 5 l lancer Car, including a Php 4,000 comprehensive car insurance premium for one year. The credit of Php 30,000 represents the proceeds from the sale of a Toyota crew cab costing Php 120,000 and had been fully depreciated. 50% of the beginning balance represents fully depreciated motor vehicles. The company policy on depreciation is detailed as follows: A - 20\% straight line B - No residual value C. Full in the year of acquisition and none in the year of disposition Required: 1. Adjusted balance of the Motor Vehicles account 2. The correct 2019 depreciation expense for motor vehicles. 3. Adjusting entries. (Note 2019 depreciation is not yet recorded)