P Corporation issued 120,000 shares of P10 par common stock with a fair value of P2,550,000 for all the outstanding stock of M Company. In addition, P incurred the following costs

Professional fees to arrange the business combinationP27,000

Cost of SEC Registration12,000

Cost of printing and issuing stock certificates3,000

Immediately before the business combination in which M company was dissolved, M's assets and equities were as follows (in thousands)

AccountsBook valueFair value

Current assetsP1,000P1,100

Plant assets1,5002,200

Liabilities300300

Common stock2,000

Retained earnings200

What is the amount of goodwill (gain on acquisition)?