Answer the following with solutions:

MCP 35-2 - Change in accounting policy Entity B changed its accounting policy with respect to the valuation of inventories. Up to 2020, inventories were valued using weighted- average cost method. In 2018 the method was changed to FIFO, as it was considered to more accurately reflect the usage and flow of inventories in the economic cycle. The impact on inventory valuation was determined to be At Dec. 31, 2019: An increase of P100,000 At Dec. 31, 2020: An increase of P150,000 At Dec. 31, 2021: An increase of P200,000 The change in accounting policy increased profit for 2021 by (a. P 50,000 b. P150,000 C. P200,000 d. P450,000MCP 35-4 - Change in accounting estimate On Jan. 1, 2018, Entity D purchased a machine for P528,000 and depreciated it by the straight-line method using an estimated useful life of eight years with no salvage value. On Jan. 1, 2021, the entity determined that the machine had a useful life of six years from the date of acquisition and will have a residual value of P48,000. An accounting change was made in 2021 to reflect these additional data. The accumulated depreciation for this machine should have a balance at Dec. 31, 2021, of P292,000 b. P308,000 C. P320,000 d. P352,000 MCP 35-5 - Change in accounting estimate On Jan. 1, 2019, Entity E purchased for P240,000 a machine with a useful life of ten years and no residual value. The machine was depreciated by the double-declining balance method and the carrying amount of the machine was P153,600 on Dec. 31, 2020. The entity changed to the straight-line method on Jan. 1, 2021. The entity can justify the change. What should be the depreciation expense on this machine for the year ended Dec. 31, 2021? a. P15,360 b. P19,200 C. P24,000 d. P30,720