You are engaged in the examination of the financial statements of General Corporation for the year ended December 31, 2020. The company's chief accountant provided for your review the following schedule of property, plant and equipment as well as the related accumulated depreciation accounts. You have traced the beginning balances of the schedule to your previous year's working papers and found everything in order. Amounts are in Philippine Pesos.

COST

	12/31/2019	Additions	Disposals	12/31/2020
Land	23,000,000	10,250,000	-	33,250,000
Buildings	42,320,000	4,500,000	-	46,820,000
Machinery and Equipment	39,470,000	2,530,000	250,000	41,750,000

Accumulated depreciation

All plant assets are depreciated on the straight-line basis with no residual values based on the following useful lives:

Buildings - 25 years All others - 10 years

It is the company policy to take full year depreciation on the year of acquisition and one on the year of its disposal.

Your examination revealed the following additional information

• The company acquired two 2 parcels of land during the year with details as follows

  • LOT A - Cost P4,000,000 to be used as future plant site

  • LOT B - Cost P6,250,000 for investment purposes

• The company constructed another building beside its existing factory. Total construction cost

  amounted to P4,000,000. However, since the lowest construction bid that the company has received is P4,500,000, the President decided to use P4,500,000 as cost of the new building.

• The company sold an item of machinery as Scrap during the year. The company received P250,000 proceeds as a result of the sale. The machinery was originally purchased in 2017 at a cost of P1,200,000. The addition during the year was in replacement of the sold machinery

• During the year, the local government donated land and a building with appraised values of P3,000,000 and 9,000,000, respectively to General Corporation to operate it as a factory. Since the company did not spend anything on it, the company did not make any entry to record the properties in its books.

  Based on the foregoing and the results of your audit determine the following (Supply the required amounts WITHOUT commas, peso sign, nor extra spaces; e.g. If your answer is one hundred thousand just type 100000):

1. Loss on sale of machinery sold as scrap during the year is?

2. Adjusting entry to correct the sale of machinery would include credit to machinery account of how much?

3. Adjusted cost of land as of December 31, 2020?

4. Adjusted cost of buildings as of December 31, 2020?