Fortune Company purchased Dairy cattle at an auction for P300,000 on July 1, 2014. Cost of transporting the cattle back to the company's farm was P3,000 and the company would have to incur cost similar transportation cost if it was to sell the cattle in the auction, in addition an auctioneer's fee of 2% of sales price. On December 31, 2013, after taking into account and location, the fair value of the biological assets had increased to P500,000 (that is, the market price including the cost of transporting the asset). 

What amount should the biological assets be reported in the December 31, 2014 statement of financial position?