On May 1, 2022, Carlo and Jamie formed a partnership by contributing P500,000 each. In addition to Carlo's cash contribution, he invested furniture and fixtures costing P150,000 but with an agreed value of P80,000. Moreover, Jamie invested land with a fair value of P1,200,000 but with professional appraiser's value of P1,110,000 subject to unpaid mortgage of P250,000. Profit or loss is to be shared equally between the partners. How much will be the total capitalization of the partnership after the investment of Carlo and Jamie? On January 1,2020, Carlo and Jamie formed a partnership with investments of P160,000 and P240,000 respectively. The partnership operations resulted to a net loss amounting to P80,000 at the end of year 2020. But the business was able to generate for the year 2021, its second year of business operation, a net profit after tax of P120,000. Profits and losses are to be shared equally. How much is the capital balance of Carlo as of December 31, 2021 as reflected in the statement of changes in partners' equity