Rambutan Company purchased for cash on January 1, 2018, three machines which cost a total of P 120,000.Estimated selling prices of the machines were: Machine 1, P 40,000, Machine 2, P 50,000, and Machine 3, P 60,000.The machines were believed to have a useful life of ten years without residual value.The company records depreciation annually on a monthly basis.On January 1, 2021, Machine 1 was sold for P 25,000 cash.The proceeds were credited to the Machinery account.On July 1, 2022, Machine 3 was traded in for a new machine (No.4) which had a cash price of P 50,000 with Rambutan paying P 20,000 for the difference with the trade-in value of the old machine.Machine 4 has estimated service life of 10 years without residual value.What should be the balance of the Accumulated Depreciation - Machinery on December 31, 2022 after adjustment of the books?

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