On January 2, 2022, Hulk Company purchased 2,500 ordinary shares of Hogan Corporation at P210 per share plus transaction costs of P5,250. These shares are acquired for trading purposes. On December 31, 2022, the ordinary shares of Hogan Corporation are quoted at P244 per share.

On February 14, 2023, Hulk Company sold 750 shares of the Hogan Corporation ordinary shares at P252 per share. Hulk Company incurred transaction costs amounting to P2,840 in relation to the sale. On December 31, 2023, the ordinary shares of Hogan Corporation are quoted at P274 per share.

At what amount shall Hulk Company initially recognize its investment in Hogan Corporation ordinary shares on January 1, 2022?