On January 1, 2018, Carsen Company purchased 25,000 shares of the 100,000 outstanding shares of Garrison Company for a total of P2,000,000. At the time of purchase, the book value of Garrison Company's equity was P6,000,000. Garrison Company assets having a market value greater than book value at the time of the acquisition were as follows:

	Book Value	Market Value	Remaining Life
Inventory	P800,000	P1,000,000	Less than 1 year
Equipment	4,000,000	4,500,000	5 years
Land	200,000	700,000	Indefinite
Goodwill	0	800,000	Indefinite

Garrison Company's net incomes in 2018 and 2019 were P1,400,000 and P1,600,000 respectively. Dividends per share paid by Garrison Company amounted to P4 in 2018 and P5 in 2019. The inventory was sold in 2018 while the land was sold at the end of 2019 at a gain on sale of P50,000.

What amount should Carsen record as investment in associate for the year ended December 31, 2019?