1.A tax- and duty-free importation of a 30hp sand mill (for paint manufacturing) cost 360,000. CIP Manila Bank charges, arrester, and brokerage cost 5,000. Foundation and installation cost were 25,000. Other incidental expenses amounted to 20,000. Salvage value of the mill is estimated to be 60,000 after 20 years. Determine the appraisal value of the mill using straight line method of depreciation at the end of 10 years.