Tito, Vic, and Joey are partners sharing profits and losses of 40%, 40%, and 20%, respectively. The December 31, 2022 trial balance included the following information:

Cash

P 300,000

Inventories

220,000

Equipment

480,000

Accounts Payable

120,000

Tito, Capital

400,000

Vic, Capital

340,000

Joey, Capital

140,000

On January 1, 2023, partner Joey decided to retire from the partnership, and by mutual agreement among the partners, the following adjustments shall be made: (a) Inventories are considered understated by P20,000; (b)The fair value of the equipment is P300,000.

If Joey retired and received P193,000 in settlement of his total interest, how much is the capital balance of Tito after the retirement of Joey?