For items 53 and 54 On January 1, 2020 Cooperative Company paid P4,500,000 for property containing natural resource of 1,000,000 tons of ore. When the resource has been exhausted, it is estimated that the land will be worth P100,000. Tunnels, bunk houses and other fixed installations are constructed in the amount of P1,000,000. Such expenditures are to be charged to mine improvements. During the year, the entity removed a total of 90,000 tons, of which 80,000 tons were sold. The entity also incurred the following costs in 2020: mining labor and other direct costs of P1,800,000 and administrative expenses of P500,000. 54. Compute the balance of wasting asset at the end of 2020