On January 1, 2020, Franvil Company purchased a new machine for P2,100,000. The new machine has an estimated useful life of nine years and the residual value was estimated to be P75,000. Depreciation was computed on the sum-of-the-years'-digits method. What amount should be shown in Franvil's balance sheet at December 31, 2021, net of accumulated depreciation, for this machine?

Group of answer choices

P1,306,666

P1,244,250

P1,335,000

P1,695,000