Information pertaining to Extraction Corporation's property, plant and equipment for 2021 is presented below: Account Balances on January 1, 2021 Land Building Accumulated depreciation Machinery and equipment Accumulated depreciation Automotive equipment Accumulated depreciation Debit P3,000,000 4,800,000 3,200,000 2,800,000 Credit P1,277,261 1,200,000 2,100,000 Depreciation methods used and useful lives of the different classes are as follows: Building - 150% declining balance; 25 years Machinery and equipment - Straight-line; 12 years Automotive equipment - Sum-of-year's-digits; 8 years The salvage values of the assets are estimated at 10% of cost. All assets were acquired at the beginning of 2016