Use the following information for the next four questions: The following information pertains to Fujin Network Group, Inc.'s intangible assets: 1. On January 1, 2019, the company signed an agreement to operate as a franchise of Rambo Corporation, for an initial franchise fee of P3,000,000. Of the amount, P600,000 was paid when the agreement was signed and the balance payable in 4 annual payments at the beginning of each year starting 2020. The agreement provides that the down payment is not refundable and that no future services are required of the franchisor. The discount rate appropriate to the agreement is 14% which is the implicit rate to similar loans. The agreement provides for a 5% continuing franchise fee based on the revenue of the franchisee, Fujin had a total revenue of P18,000,000 in 2019. The company further estimates that the net future cash flows from continued use of the franchise is at P250,000 annually. The company estimates that the useful life of the franchise was ten years. 2. Fujin also incurred P2,600,000 prior to 2019 of experimental and development cost in its laboratory to develop a patent which was granted by the government at the beginning of 2019. Legal fees and other costs associated with its registration totaled P544,000. The company estimates that the useful life of the patent was eight years. 3. A trademark was purchased from another company for P1,000,000 on January 1, 2017. Expenditures totaling to P326,400 for successfully defending the trademark was incurred in July 1, 2019. By the end of 2017 and 2018, estimates place future net annual cash flows from the trademark at P200,000 for its remaining life. By the end of 2019, the estimated had been revised to P80,000 because of a recent technological development in the industry 4. The prevailing market rate of interest were 9%, 9.5%, and 10% at the end of 2017, 2018 and 2019, respectively. Note: Round off present value factors up to three decimal places. Round off amounts to the nearest peso. Based on the information above, answer the following: 1. What is the carrying value of the franchise at the end of 2019? 2. What is the carrying value of the patent at the end of 2019? 3. What is the carrying value of the trademark at the end of 2019? 4. How much is the total expenses related to the intangible assets for the year ended December 31, 2019