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Genuine Company determined that due to obsolescence an equipment with an original cost of P4,500,000 and accumulated depreciation on January 1, 2020 of P2,100,000 had suffered a permanent impairment and as a result should have a recoverable amount of only P1,500,000 as of the beginning of the year. In addition, the remaining useful life of the equipment was reduced from 8 to 3 years. Prepare journal entries for 2020