The answer is P320,000. I just need the complete solution.

On January 1, 2020, Karrie Company acquired a franchise from Riekar Company for P1,600,000. The franchise gives Karrie the right to sell Riekar's products until December 31, 2024, at which date Karrie may renew the franchise for another fee subject to a new franchise agreement. In January 2020, Riekar has performed substantially all the services required under the franchise contract and Karrie started operating the franchise. Annual periodic franchise fee for 2020 is P60,000. How much is the amortization expense recognized in 2020