1. On January 1, 2019, SUNLIFE signed an agreement to operate as a franchisee of DBD Copy Service, Inc. for an initial franchise fee of P255,000. Of this amount, P75,000 was paid when the agreement was signed, and the balance is payable in four annual payments of P45,000 each beginning January 1, 2020. The agreement provides that the down payment is not refundable and no future services are required of the franchisor. The present value at January 2, 2019 of the four the annual payments discounted at 14% (the implicit rate for a loan of this type) is P131,100. The agreement also provides that 5% of the revenue from the franchise must be paid to the franchisor annually. SUNLIFE's revenue from the franchise for 2019 was P2,700,000. SUNLIFE estimates the useful life of the franchise to be 10 years.
2. SUNLIFE incurred P234,000 of experimental and development costs in its laboratory to develop a patent, which was granted on January 2, 2019. Legal fees and other costs associated with registration of the patent totalled P49,200. SUNLIFE estimates that the useful life of the patent will be 8 years.
3. A trademark was purchased from Loose Company for P120,000 on July 1, 2014. Expenditures for successful litigation in defense of the trademark totalling P30,000 were paid on July 1, 2019. SUNLIFE estimates that the useful life of the trademark will be 20 years from the date of acquisition.

What is the patent's carrying value on December 31, 2019?