Audit of Finance and Investment Cycle (Answers are already provided, i just want to know the solution on how it was computed) thank you so much

3. The PPE and accumulated depreciation accounts of Marvel Corporation had the following balances at December 31, 2019: Accumulated Cost Depreciation Land 2,800,000 Land Improvements 1,440,000 360,000 Building 12,000,000 2,800,000 Machinery and Equipment 9,264,000 3,240,000 Automobiles 1,200,000 896,000 Depreciation methods and useful lives: Depreciation method Useful life Land Improvements Straight line 15 years Building 150% declining balance 20 years Machinery and Equipment Straight line 10 years Automobiles 150% declining balance 3 years Depreciation is computed to the nearest month. No residual values are recognized. In connection with your audit of the company's nancial statements for the year ended December 31, 2020, you noted the following transactions during 2020: a. On January 2, 2020, machinery and equipment were purchased at a total invoice cost of P2, 080,000 which included a P44, 000 charge of freight. Installation cost of P162, 000 was incurred. b. On March 31, 2020, a machine purchased for P644, 000 on January 2, 2016 was sold for P922, 000. c. On May 1, 2020, expenditures of P400, 000 were made to repave parking lots at Marvel's plant location, The work was necessitated by damage cost by severe weather. 11. On November 1, 2020, Marvel acquired a tract of land with an existing building in exchange for 90,000 P20 par, ordinary shares of Marvel that had a market price of P36 per share. Marvel paid legal fees and little insurance totaling P184, 000. The last property tax bill indicated assessed values of P1, 920,000 for the land and P480, 000 for the building. Shortly after acquisition, the building was razed at cost of P280, 000 in anticipation for a new building to be constructed in 2021. e. On December 31, 2021, Marvel purchased a new automobile for P12, 000 cash and trade- in value of an automobile purchased for P144,000 on January 2, 2019. The new automobile has a cash price of P215, 000. Requirements: Determine the adjusted balance of land on December 31, 2020. Determine the balance of Machinery and Equipment as of December 31, 2020. Determine the adjusted balance of automobiles on December 31, 2020. Depreciation expense for the year ended December 31, 2020. Net gain from disposals of property, plant and equipment for the year 2020. Answers: a. 6,304,000 b. 11,096,000 0. 1,208,000 d. 2, 059,200 e. 19,200 sign-99