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The management of Red Corporation, on Jan. 1, 2021, assessed that a revision to the estimate involved with the depreciation of plant facilities was needed. The facilities, which were acquired for P7,500,000 on Jan. 1, 2019, had been depreciated using the straight-line approach, with an estimated P500,000 residual value and a 15-year useful life.
Problem 1: Based on current appraisal reports, the management assessed that the facilities' anticipated remaining usable life is only 10 years, and the estimated residual value should be raised by P200,000. For 2021, how much depreciation expense should be recognized?
a) P536,667
b) P633,333
c) P293,333
d) P586,667
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