Problem
On January 1, 2021, MIKAELA purchased a large quantity of laptop computers for their associates. The cost of these computers was P5,000,000. On the date of purchase, the management estimated that the computers would last approximately 6 years and would have a residual value at that time of P275,000. The company used the sum-of-years' digit method of depreciation. During 2023, the management realized that technological advancements and the volume of files being uploaded had made the computers virtually obsolete and that they would have to be replaced sooner. Management decided to depreciate the computers using the double declining balance method of depreciation with no change in useful life and residual value.
What is the depreciation to be recognized for the year 2023?