A firm purchased 12-years ago a computerized machine worth P 527,719. As the life of the machine was 20 years, funds are reserved based on Declining Balance method of depreciation. Now the firm wishes to replace it with a current model possessing several advantages. The firm can sell it today for P 96,293. The new machine will cost P 1,426,367. How much new capital will be required to make the purchase? Assume k = 22%.