On August 1, 2020, ABC Company purchased a new machine on a deferred payment basis. A down payment of P 100,000 was made and 4 monthly installments of P 250,000 each are to be made beginning on August 1, 2020. The terms of the agreement is not considered normal. The cash equivalent price of the machine was P 950,000. Bright incurred and paid installation costs amounting to P 30,000. How much should be capitalized as cost of the machine