Question 60 2 pts Furniture & fixtures costing P40,600 were bought by the company on October 1, 2020. The estimated life of the furniture and fixtures is four years and straight-line method of depreciation is used. How much is the depreciation expense for the year 2021? P10,150.00 P27.912.50 P2,537.50 O P12,687.50 Question 59 2 pts The company is using the periodic inventory system. The following were taken from the company's records as of year-end: Accounts Receivable: P162,500 Allowance for Doubtful Accounts: P28,750 Cash: P185,700 Doubtful Accounts Expense: P10,650 Merchandise Inventory: P80,000 Prepaid Expenses: P12,450 How much was the company's total current assets as of year-end? P411,900 P480,050 2417,550 P422,550