At the beginning of the year 2019, Trunk Company has an investment property acquired at a cost of P1,700,000 that is to be accounted under the cost model. Depreciation of 10% is recognized annually...

At the beginning of the year 2019, Trunk Company has an investment property acquired at a cost of P1,700,000 that is to be accounted under the cost model. Depreciation of 10% is recognized annually and periodic continuing repair costs of P3,500 per year as well as property tax of P2,700 are incurred by the company on an annual basis. What should be the carrying value of the investment at the end of the year 2019?