In the fourth and final year of a project, XYZ expects operating cash flow after taxes of P440,000. The project required an P60,000 investment in working capital at the beginning. Of that amount, P40,000 will be recovered in year 4 and P20,000 will be in year 5. Machinery associated with the project will be sold for exactly its undepreciated value of P15,000. Tax rate is 40%. Total free cash flow for the fourth year is