A new machine was acquired on July 31, 2022 by Harian Company with the following considerations: Down-payment 1,000,000 Total par value of 5,000 ordinary shares issued (FV is P140) 600,000 Notes payable in three equal annual installment every July 31, starting 2023 (3 years non-interest bearing; effective rate on this date 9%) 900,000 Estimated dismantling after five (5) year life of the machine (at 9% effective rate) 100,000 What is the initial cost of the machine on July 31, 2022? P2,524,380 P2,582,291 P2,459,958 P2,611,388

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