2. Mcgrady corp. purchased a new printing machine on December 1 at an invoice price of P4,000,000 with terms 2/10, n/30. On December 15, Mcgrady paid the required amount for the machine. The installation costs were P50,000 and the employees received training on how to use the machine, at a cost of P20,000. Before using the machine to print customers' orders, a test was undertaken and the paper and ink cost P5,000.

What amount should be capitalized as the cost of the machine?