Ink Jet Company had the following property, plant and equipment at December 31, 2019: Cost Book Value Land P 4,000,000 P 4,000,000 Office Building 30,000,000 22,500,000 Machinery 6,000,000 3,000,000 These assets are carried under the cost model since their acquisition on January 3, 2010. The straight-line method is used in computing depreciation charges. On January 2, 2020, Ink Jet decided to adopt the revaluation model. Accordingly, reputable appraisers submitted the following depreciated replacement costs: Land Office building Machinery P 10,000,000 37,500,000 5,000,000 There was no change in useful life. The office building has 40 years of useful life, while machinery is being depreciated over 20 years. On January 5, 2022, the Company had these assets subjected to a second revaluation. Results of the second revaluation show the following sound values: Land Office building Machinery P 8,000,000 22,750,000 (no change in useful life) 2,000,000 (no change in useful life) Ink Jet uses the proportional approach in recording revaluation of property, plant and equipment. In addition, revaluation surplus of depreciable assets is being transferred periodically (piecemeal realization) to retained earnings. How much is the total depreciation expense for the year 2020? None of the choices O 1,750,000 1,187,500 2,666,667 ||| = C