PROBLEM 3: On April 1, 2020, Elvis Presley Company bought a new equipment for P800,000. The equipment has an estimated salvage value of P20,000 and useful life of 12 years. Depreciation is computed using the sum-of-the-years digits method. 3. How much is the amount of depreciation for 2020? a. 20,000 b. 60,000 C. 75,000 d. 90,000 4. What is the carrying value of this asset in the statement of financial position at December 31, 2021? a. 574,800 b. 577,500 597,500 d. 614,800 C