9. On January 1, 2018, Liquid Company accepted a long-term construction project for an initial contract price of P2,000,000 to be completed on June 30, 2020. On January 1, 2019, the contract price was increased to P3,000,000 by reason of change in the design of the project. The outcome of the construction contract can be estimated reliably. The project was completed on December 31, 2020 which resulted to penalty amounting to P400,000. The entity provided the following data concerning the direct costs related to the said project for 2018 and 2019: 2019 2018 1,360,000 Costs during the year 880,000 Remaining estimated costs to complete at year- 1,320,000 end What is the balance of construction in progress on December 31, 2019? 560,000