On January 1, 2016, Ritter Company bought 10% of the outstanding ordinary shares of Bear Construction Company for P3 million. Their book value was P8 million and the difference was attributable to the fair value of Bear's buildings exceeding book value. Bear's net income for the year ended December 31, 2016, was P10 million. During 2016, Bear declared and paid cash dividends of P2 million. The buildings have a remaining life of 10 years. The investment in Bear is to be held as Investment in equity securities designated as at fair Value through other comprehensive income. Also, Bear's net income for the year ended December 31, 2017 was P12 million and Bear declared and paid cash dividends of P2.5 million. The fair value of Ritter's investment in Bear securities is as follows: December 31, 2016, P3,200,000; December 31, 2017, P3,100,000; and December 31, 2018, P13 million. On January 2, 2018, Ritter purchased an additional 20% of Bear's stock for P5,600,000 cash when the carrying amount of Bear's net assets was P25,000,000. The excess was attributable to building having a remaining life of 8 years. Bear's net income for the year ended December 31, 2018 was P15 million and Bear declared and paid cash dividends of P3 million.

What is the carrying amount of the investment in Bear Company as of December 31, 2018?