Windell Inc. acquired 85% of the outstanding voting shares of Ralph Corp for P1,500,000. On the acquisition date, Ralph's identifiable assets and liabilities have fair values of P6,000,000 and P4,700,000, respectively. Windell opts to measure the non-controlling at a fair value of P300,000. How much is the goodwill (gain on bargain purchase) as a result of the business combination?

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