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On January 1, 2020, Juluis Company acquired 40% interest in Ella Company for P4,800,000. Juluis already had 25% interest which had been acquired for P1,600,000.

On January 1, 2020, Juluis Company acquired 40% interest in Ella Company for P4,800,000. Juluis already had 25% interest which had been acquired for P1,600,000. The fair value of the identifiable net assets of Ella Co. was P8,400,000. How much is the goodwill recognized by Juluis as a result of business combination

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