On January 1, 2013, Sugartown, Inc. purchased a land for P1,000,000. On January 1, 2014, Sugartown converted the land into a mango plantation and planted 1,000 mango seedlings. On January 1, 2019, the mango trees which were properly classified as bearer plants had matured. The accumulated costs of the mango trees on January 1, 2019 was 500,000 and Sugartown estimated the useful life of the mango trees to be five years. On December 31, 2019, the mango trees produced fruits and the total fair value less cost to sell of the mango fruits was P50,000.On May 1, 2020, the mango fruits were harvested and total fair value less cost to sell of the harvested mango fruits was P75,000. And lastly on May 5, 2020, the mango fruits were sold for net proceed of P98,000. What was the carrying value of the property, plant and equipment on December 31, 2019?

1. P1,000,000
2. P1,500,000
3. P400,000
4. P1,400,000