The APPLE MINING Co. on May 31, 2014, acquired the rights to a coal mine point containing an estimated reserves of 1,000,000 tons of coal. The company estimated that 12,500 tons of coal would be extracted and sold each month. Cost allocable to coal was P3,500,000.Also on May 31, 2014, the company purchased an equipment to be used in the production, costing P95.000 which has an estimated useful life of 10 years. The equipment was expected to become obsolete after all the coal deposits had been extracted from the mine and only P5,000 selling price of the equipment could be expected. Production was in full blast since June 1, 2014. 21. What would be the depreciation expense on the new equipment for the year ended December 31, 2014?* P9,000 O P4,500 P7,875 P8,313