Goliath Company purchased an equipment on January 2, 2017 for P3,000,000. At the date of acquisition, the equipment had a life of 6 years with no salvage value. The equipment

Goliath Company purchased an equipment on January 2, 2017 for P3,000,000. At the date of acquisition, the equipment had a life of 6 years with no salvage value. The equipment is being depreciated on a straightline basis. In January 2020, Goliath Company determined that the equipment had a useful life of 8 years from the date of acquisition with no salvage value. should be the carrying amount of the equipment as of December 31, 2020? A. P300,000 B. P500,000 C. P1,200,000 D. P1,800,000

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