On January 1, 2023, Psalm and Trisha formed PS Partnership. The articles of co-partnership provides that profit or loss shall be distributed accordingly: 15% interest on average capital balance. P30,000 and P80,000 quarterly salary for Psalm and Trisha, respectively. The remainder shall be distributed in the ratio of 4:6 for Psalm and Trisha, respectively. The following transactions regarding the capital balance of the partners for year 2023 are provided: Trisha, Psalm, Capital Capital January 1, 2023 P1,200,000 P550,000 investment March 31, 2023 investment July 30, 2023 (300,000) withdrawal September 30, 2023 withdrawal November 1, 2023 investment 800,000 200,000 (300,000) The chief accountant of the partnership reported net income of P800,000 for year 2023. What is the capital balance of Psalm on December 31, 2023?