On December 31, 2015, Songsong Corp. began its R&D project for the generation of a new patentable product. By the end of 2017, Byte has already incurred P5,000,000 research costs. Early 2018, the company has achieved technological feasibility and has incurred further costs of P2,000,000 throughout the year. By the end of September 2019, the R&D team has verified that the product is now ready for commercial production. Byte has spent an additional P1,200,000 from January to September 2019 and P3,500,000 during the last quarter of 2019. How much should the intangible asset be reflected on the balance sheet as of year-end of 2019 gross of any amortization?