Papa Inc. acquired the net assets of Fafa Inc. on June 30, 2018 in a business combination. The cost of acquisition is P2,000,000 more than the total fair market value of the company's identifiable net assets. Among the identifiable assets are the following intangibles: Book value Trademark Customer lists Franchise 250,000 500,000 200,000 Fair market value 400,000 750,000 350,000 Estimated remaining life 3 5 Required: 1. How much is the total intangibles including goodwill to be initially recognized? 2. What is the total carrying value of the various intangibles including goodwill on December 31, 2018?