what should be the carrying value of the equipment on december 31, 2024? what should be the depreciation expense to be reported by eli company for the year ended december 31, 2025?

SUPPLY THE ANSWER. Round-off final answers to the nearest peso. Where applicable, round-off unit PART 2: PROBLEM-SOLVING costs to two (2) decimal places. Eli Company purchased an equipment on January 1,2023 for P750,000. It was estimated to have a useful life of PROBLEM 1 (Nos. I and 2 are based on the following problem) 5 years and a residual value of P30,000. The company used the SLM for depreciation. On January 1,2025 , Eli Company paid P120,000 to overhaul this equipment. Because of this expenditure, the useful life of the asset was extended by additional 2 years with no change in its residual value. 1. What should be the carrying value of the equipment on December 31,2024 ? 2. What should be the depreciation expense to be reported by Eli Company for the year ended December 31 , 2025