For the next 5 items: Josey Company entered into a contract to acquire a new machine for its factory. The machine, which had a cash price of P2,000,000 was paid as follows: Down payment Note payable in 3 annual installments 400,000 1,200,000 200,000 ordinary shares with a par 800,000 value of P25 and fair value of P40 per share 2,400,000 Prior to the machine's use, installation cost of P50,000 was incurred. The machine has an estimated residual value of P100,000. How much is the depreciable amount of the machine