On June 30, 2021, Mike, Tony, and Rene formed a partnership investing assets to the business. Mike contributed cash of P 300,000 and P18,000 worth of office supplies but P1,500 was considered unusable. Tony contributed property with P 700,000 carrying value, which has been originally purchased for P 950,000 but was appraised by a professional appraiser amounting to P650,000 and cash of P25,000. Rene contributed land with a fair value of P 900,000. The partnership assumed the P 150,000 mortgage attached to the land invested by Rene. How much capital is credited to Rene on July 1, 2021, the day partnership was formed?