The property, plant and equipment section of Radiohead Corporations statement of financial position at December 31, 2020 included the following items: Land P2,500,000 Land improvements 560,000 Building 3,600,000 Machinery and equipment 6,600,000 During 2021, the following date were available to you upon the analysis of the accounts: Cash paid on purchase of land P10,000,000 Mortgage assumed on the land bought, including interest at 16% 16,000,000 Realtors commission 1,200,000 Legal fees, realty taxes and documentation expenses 200,000 Amount paid to relocate persons squatting on the property 400,000 Cost of tearing down an old building on the land 300,000 Amount recovered from the salvage of the building demolished 600,000 Cost of fencing the property 440,000 Amount paid to a contractor for the building erected 8,000,000 Building permit fees 50,000 Excavation expenses 250,000 Architects fee 100,000 Interest that would have been earned had the money used during the period of construction been invested in the money market 600,000 Invoice cost of machinery acquired 8,000,000 Freight, unloading and delivery charges 240,000 Customs duties and other charges 560,000 Allowances, hotel accommodations, etc. paid to foreign technicians during installation and test run of machines 1,600,000 Royalty payments on machines purchased (based on units produced and sold) 480,000 Required: Determine the balances of the following: a) Land b) Land improvements c) Building d) Machinery and equipment e) Total depreciable property, plant and equipment SHOW SOLUTION WITH EXPLANATION