Spiral Group acquired 40 per cent of Ribbon Co on 1 October 20X6 at 1 p accost of P1,400,000. At this date the fair value of Ribbon Co's net assets was P20,000 higher than book value due to understand inventory. During the year ended 30 September 20X7, Ribbon Co reported profits after tax of P230,000 and other comprehensive income P80,000. All inventory held by Ribbon Co at the acquisition date was sold during the year and the company paid a dividend of P100,000. What is the carrying amount of the investment in Ribbon Co in the consolidated statement of financial position of Spiral at 30 September 20X7?* Your