Cebu Branch submitted the following data to its home office in Manila for 20x1, its first year of operation: Sales P2,300,000; Shipments from Home Office P1,850,000; Operating expenses P235,000; Home Office Current P480,000. Shipments to the branch are billed at cost. The December 31 inventory of the branch was P255,500. What was the balance of the Investment in Branch account on December 31, 20x1 on the home office books?

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