On December 31, 2022, Apostles Partnership's Statement of Financial Positions shows that Peter, James, and John have capital balances of P500,000, P300,000, and P200,000, respectively. Their profit and loss ratio is 1:3:6. On January 1, 2023, John retired from the partnership and received P449,000. At the time of John's retirement, the machinery and equipment of the partnership is undervalued given the very good client-feedback of this particular state-of-the art model. What is the capital balance of Peter after the retirement of John?