On January 1, 2016, Sassou Corp. acquired a copyright on a book of photographs from the estate of a world renowned photographer who died in late December 2015, for a price of P500,000.Sassou's CEO knows that copyrights normally cover the lifetime of the artist plus 50 years, but she has heard of a recent court case that extended the legal life by an additional 20 years.Other similar books sold by Sassou for deceased photographers typically remain popular for only 10 years. What is the carrying amount of the copyright at December 31, 2016?