On January 1, 2016, Z COMPANY acquired 30% of the voting share capital of another entity forP2,000,000 which was equal to the carrying amount of interest acquired. The investee reported net income of P800,000 for 2016 and paid a dividend of P500,000 on December 31, 2016. The investee reported net income of P1,000,000 for the six months ended June 30, 2017 andP2,500,000 for the year ended December 31, 2017 but paid no dividend during 2017. On July 1,2017, the investor sold half of the investment for P1,500,000. The fair value of the retained investment was P1,600,000 on July 1, 2017 and P1,900,000 on December 31, 2017. The retained investment is to be held as non-trading measured at FVTOCI1.

The carrying amount of the investment on December 31, 2016 is 2,090,000.

How did they get 2,090,000?