The accounting records of all Intangibles of All Men Company are just placed in one account. The following were recorded to the accounting on 2018 and 2019.

DATE

PARTICULARS

AMOUNT

2018

July 1

Franchise (Indefinite Terms)

1,260,000

October 1

Lease advance payment (2-year term, starting today)

840,000

December 31

Net loss, including incorporation fees, P 30,000; and related legal fees of organizing the business

480,000

2019

January 2

Purchased Patent (10- year life)

2,220,000

March 1

Cost of developing a recipe

2,250,000

April 1

Purchased Goodwill

8,352,000

July 1

Legal fees for successfully defending the patent purchased above

379,500

Other Notes

1. On December 31, 2018, the management estimate that the annual net future cash flows from the franchise's continued use was at P 180,000. On December 31, 2019, this estimate was revised due to the decline of product demand to P 150,000 annually.
2. On December 31, 2019, the estimated annual future cash flow of the patent's continued use was at P 337,822 for the remaining life.
3. The prevailing market rate of interest as of December 31, 2018 and 2019 was consistent at 12%.What is the correct carrying value of the Patent as of December 31, 2019?