Taxes payable - VAT payable (input tax) 51000
Credit: bank deposits 353000
It should be noted that the VAT on fixed assets was not deductible before (except in the northeast pilot area). However, China has now reformed the production-based VAT to a consumption-based VAT, and the new VAT law stipulates that the VAT on fixed assets, except for small cars, yachts and motorcycles, is deductible. For more details, you can read the information about the transformation of China's VAT.