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1. Presented below is information related to Happy Company. Asset Cost Est. Scrap Est. Life {yea rs) A P52,500 5,500 10 B 35,600 4,800 8 C 24,600 3,000 9 QUESTIONS: 1. Composite rate of deprecation [in percentage, 2 decimal points] 2. Composite life of the assets (until 2 decimal points only] 2. Granny Company has a balance of P900000 in its water meters' account on January 1, 2016. In 2016, Granny Company installed new meters as follows: March June October Cost of new meters installed P280000 P400,000 P360,000 Cost of old meters replaced 180,000 200,000 Proceeds from sale of old meters 10,000 18,000 QUESTIONS: 1. Depreciation for 2016 under the retirement method is? 2. Depreciation for 2016 under the replacement method is? 3. Machinery was purchased for P1,625,000 by Jiminy Cricket Company, originally estimated to have a useful life of 15 years with a salvage value of P50,000. Depreciation has been entered for 4 years on this basis. In 2016, the total estimated life was reassessed to be 12 years with a salvage value of P30,000. Jiminy Cricket Company uses the straightline method of depreciation. QUESTIONS 1. The 2016 prior period adjustment to be beginning retained earnings is? 2. Depreciation expense in 2016