In your analysis of the financial statements of BOLT CO., you discovered the following transactions relating to the company's intangible assets. 1. On January 2, 20x9, the Company spent P400,000 to apply for and obtain a patent on a newly developed product. The patent had an estimated useful life of 10 years, At the beginning of 20x13, the company spent P60,000 in successfully prosecuting an attempted patent infringement. At the beginning of 20x14, the company purchased for P250,000 a patent that was expected to prolong the life of its original patent by 4 years. 2. On January 1, 20x14, the Company signed an agreement to operate as a franchisee of "LIGHT IT' Generators Inc. for an initial franchise fee of P500,000. The agreement requires payment of P200,000 on January 1, 20x14, with the balance payable in three equal annual installment of P100,000 payable at the end of each year starting December 31, 20x14. The agreement also specifies that BOLT will have to pay LIGHT IT Generators an amount equal to 5% of its annual revenue not later than February 14 of the year following the year of sale. Shortly after the agreement was signed, BOLT Company learned that LIGHT IT Generators granted a franchise to another entity for an initial franchise fee of P400,000 cash. The franchise has an indefinite life but the company estimates that this franchise will benefit the Company only for 10 years. Total revenue in 20x14 amounted to P1,500,000. In addition, the company paid P100,000 to an advertising agency to promote the products resulting from the franchise agreement. Costs of training employees who will use the machine amounted to P50,000. 3. During 20x14, the Company incurred costs to develop and produce computer software product, as follows: Salaries of programmers doing the research 1,300,000 Costs incurred before technological feasibility is established 1,400,000 Other expenses incurred prior to establishment of technological feasibility 600,000 Coding costs to establish technological feasibility 450,000 Testing costs after establishing technological feasibility 100,000 Costs to produce product masters 50,000 Costs to produce the software from the masters 370,000 Costs of packaging 20,000 Website development costs 150,000 Total revenue from the software amounted to P2,000,000 in 20x14. The company estimates future revenues of P8,000,000 from this software. Requirement: Compute for the carrying value of each of the intangible assets at December 31, 20x14.