An entity purchases a trademark and incurs the following costs in connection with the trademark:

One-time trademark purchase price P100,000

Nonrefundable taxes 5,000

Training sales personnel on the use of the new trademark 7,000

Research expenditures associated with the purchase of the new trademark 24,000

Legal costs incurred to register the trademark 10,500

Salaries of the administrative personnel 12,000

Assuming that the trademark meets all of the applicable initial asset recognition criteria, the entity should recognized an asset in the amount of _________________.