Peter invests cash of $196,000 and a building with a cost of $3,500,000 and accumulated depreciation to date of P864,000 in the Apostles Partnership. The building has a current market value of $4,250,000 since it was renovated and remodeled to have a more contemporary style. A mortgage payable of P1,050,000 is outstanding on the building and will be assumed by the partnership. How much is the capital of Peter in the initial formation of the partnership?