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A tax- and duty-free importation of a 30-horsepower sand mill for paint manufacturing costs P400,000 CIF Manila. Bank charges, arrester and brokerage cost $6,000. Foundation and installation costs were P30,000. Other incidental expenses amount to P25,000. Salvage value of the mill is estimated to be P65,000 after 20 years. Find the appraisal value of the mill using straight-line depreciation at the end of 12 vears