Jericho purchased all the outstanding ordinary shares of Israel Travel Corporation. Israel has one asset whose value exceeds its book value by P10,000. Israel's Equity is P80,000. We agreed with Israel that its excess earnings would last for 10 years and we were granted a 10% return on our investment. Israel's average income for negotiation purposes is P40,000 and the industry average rate of return is 30% on market value of net assets. Using the "present value of excess earnings" approach to the calculation of goodwill, what is the goodwill to be recorded by Jericho?