Problem 31-8 (AICPA Adapted) Ambitious Company showed the following schedule of depreciable assets on January 1, 2019. Asset Cost Acquisition - 4,000,000 2,000,000 2,800,000 Accumulated depreciation 2,560,000 1,440,000 1,344,000 date 2017 2016 2016 Residual 400,000 200,000 560,000 The useful life of each asset is 5 years. The entity takes a full depreciation in the year of acquisition and no depreciation in the year of disposition. Asset C was sold for P1,700,000 on June 30, 2019. Asset A is depreciated under the double declining method. 1. What is the depreciation of Asset A for 2019? a. b. C. d. 1,600,000 1,440,000 416,000 576,000 2. What is the depreciation of Asset B for 2019 assuming same method in prior years? a. 240,000 b. 480,000 C. 360,000 d. 400,000 3. What is the gain on sale of Asset C? a. 244,000 b. 464,000 c. 356,000 d. 804,000 783