On May 1, 2022, Carlo and Jamie formed a partnership by contributing ₱500,000 each. In addition to Carlo’s cash contribution, he invested furniture and fixtures costing ₱150,000 but with an agreed value of P80,000. Moreover, Jamie invested land with a fair value of ₱1,200,000 but with professional appraiser's value of ₱1,110,000 subject to unpaid mortgage of ₱250,000. Profit or loss is to be shared equally between the partners.  How much will be the total capitalization of the partnership after the investment of Carlo and Jamie?

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