On January 1, 2020, M Co. purchased 25 percent of W Corp.'s common stock, no goodwill resulted from the purchase. M appropriately carries this investment at equity, and the balance in M's investment account was P190,000 on December 31, 2020. W reported net income of P120,000 for the year ended December 31, 2020, and paid dividends on its common stock totaling P48,000 during 2020. How much did M pay for its 25 percent interest in W?