ABC Company recently acquired two items of machineries. One is a packaging machine purchased at an invoice price of P2,600,000 subject to a 10% cash discount which was taken. Costs of freight and insurance during shipment were P50,000 and installation cost amounted to P200,000. Another is a welding machine with an invoice price of P1,900,000 subject to a 5% discount which was not taken. Additional welding supplies were acquired at a cost of P100,000. What is the total initial amount to be capitalized as the cost of the machineries?