The Knight Company imported an equipment at a peso equivalent to P330,000. The company has to pay additional cost of importing the asset such as P10,000 import duties and P15,000 non-refundable purchase taxes. Costs of bringing and preparing the asset for its intended use include P2,000 transportation cost, P3,000 installation and P1,000 testing and trial run costs. How much is the initial cost of the new machine?