An asset costing P20,000 was purchased 3 years ago. At that time it was estimated that it would have a 5 year life and salvage value of P5,000. Consideration is being given to replacing it with a new asset costing P25,000 and a trade in of P6,000 will be allowed on the old one. If straight line depreciation has been used for accounting purpose, what is the sunk costs?

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