In January 2, 20x7, Cagayan Company acquired 80 percent of the capital of Thailand Company for P700,000. On this date, the stockholder's equity of the Thailand Company consisted of the following accounts: Capital stock 300,000 baht Additional paid in capital 100,000 baht Retained earnings 100,000 baht Spot rates for various dates are shown below: July 15, 20x5 (the date the company began operations) 1 baht = P1.15 January 2, 20x7 1 baht = P1.30 How much goodwill, in Philippine peso, did Cagayan acquire when it purchased its controlling interest in Thailand Company