Margot Ltd had the following fixed asset balances at 1 January 2012 NBV Land 1,000,000 Machinery 2,800,000 During the year to 31 December 2012 the following occurred: (1) land was revalued upwards by 600,000 (ii) depreciation of 1,016,000 at 20% straight line was charged on machinery (iii) a piece of machinery, bought in 2009 for 410,000 was sold for 120,000 (iv) machinery with a fair value of 70,000 was obtained under a new finance lease during the year. At 31 December 2012 the company had the following fixed asset balances: NBV Land 1,850,000 Machinery 3,110,000 It is the policy of the company to charge a full year's depreciation in the year of purchase and none in the year of disposal. Required Calculate purchases of fixed assets for the year to 31 December 2012