with solutions please

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Phil Inc., whose fiscal year ends on Dec 31, 2021, purchased a unit of equipment for a total cost of P5,000,000. The equipment is expected to have a 5-year useful life and a residual value of 10% of its original cost. Using the straight-line method, how much is the carrying value of equipment as of December 31, 20242 P4,500,000 P500,000 P1,400,000 P900,000