Grant Company has acquired a machine and equipment on January 2, 2018. The cost of the machine (including installation c

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Grant Company has acquired a machine and equipment on January 2,2018. The cost of the machine (including installation cost anddecommissioning cost), P80,000,000 and the cost of the equipment isP20,000,000. The machine produces chemical products that are soldto overseas customers. As a condition to operate the machine,regular inspection for faults is performed every year at a cost ofP1,000,000. The life of the machine is 10 years while the equipment5 years. The company uses the straight-line method of depreciation.On January 1, 2021, a cost was incurred to overhaul the machine ata cost of P4,000,000. After the overhaul, the machine is expectedto produced twice as it was producing in the prior years. Also, aresidual value of P1,200,000 is expected on this machine.
What is the total carrying value of the manufacturing plant(machine, and equipment) as of December 31, 2021?
Answer: 55,600,000 *need detailed solution*