As a member of the audit team for the audit of CONAN COMPANY's financial statements for the year ended DECEMBER 31, 2018, you have been asked to examine selected accounts. The controller for the CONAN mentions that there is only one account (shown below) kept for intangible assets. Date Particulars Debit Credit Feb. 1 Organization costs P 70,000 Mar. 15 Research and development costs 2,000,000 Apr. 3 Legal costs obtain patent 200,000 May 1 Payment of 12 months' rent on property leased by Conan 300,000 June 15 Promotional expenses relayed to start-up of business 414,000 Dec. 31 Unamortized bond discounts on bonds due Dec. 31, 2038 168,000 Dec. 31 Operating losses for first year 482,000 The amount of organization expenses to be reported to Conan's income statement for the year ended Dec. 31, 2018 is ______________. a. P 484,000 b. P 486,000 c. P 2,484,000 d. P 2,348,000