Question: Faith Company purchased an equipment on January 2, 2021 for P3,000,000. The equipment had an estimated useful life of 5 years. It is the company's

Faith Company purchased an equipment on January 2, 2021 for P3,000,000. The equipment had an estimated useful life of 5 years. It is the company's policy to use the double declining method in its first two years and then switch to the straight-line method for the remaining useful life of the asset. How much is the balance of the accumulated depreciation account pertaining to the equipment as of December 31, 2023?

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