19. S Company paid P500,000 and gave a plot of undeveloped land with carrying amount of P3,200,000 and a fair value of P4,500,000 to another entity in exchange for a plot of undeveloped land with a fair value of P5,000,000. The land was carried on the entity's books at P3,500,000. The configuration of cash flows from the land acquired is expected to be significantly different from the configuration of cash flows of the land exchanged. What amount should be recognized as carrying amount of land received in exchange by S company