On January 1, 2021, Natsu Co. acquired 10,000 shares of Lucy Company and 5,000 shares of Gray Company by paying a basket price of P 520,000 exclusive of transaction costs of P20,000. These investments are to be classified as investments at fair value through other comprehensive income. On this date, the shares of Lucy Company and Gray Company are both selling for P35 per share. By what amount shall the investment in Lucy Company be initially recognized?