On January 1, 2016, Jaja Company purchased 40% of the outstanding ordinary shares of Mama Mo Company for P3,500,000 when the net assets of Mama Mo amounted to P7,000,000. At acquisition date, the carrying amounts of the identifiable assets and liabilities were equal to their fair values, except for equipment for which the fair value was P1,500,000 greater than its CA and inventory whose fair value was P500,000 greater than its cost. The equipment has a remaining life of 4 years and the inventory was all sold during 2016. Mama Mo Company reported net income of P4,000,000 for 2016 and paid no dividends during 2016. what is the maximum amount of the equity in earnings of the investee?