On January 1, 2020 TEH Corp. acquired 60,000 shares of the 200,000 shares outstanding of KOYA Inc. at P25 per share. The company incurred P2 transaction per share. The book value of KOYA Inc.'s net assets on this date amounted to P5,000,000. All other identifiable assets had fair value approximating their book values except for the Equipment having a remaining useful life of 8 years which had a fair value of P160,000 higher than book value. KOYA Inc. reported total net income in 2020 at P800,000 and distributed dividends at year-end 35. How much is the carrying value of investment on December 31, 2020?