On January 1, 2010, Graham 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...

On January 1, 2010, Graham 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 Graham's balance sheet at December 31, 2011, net of accumulated depreciation, for this machine?