A building owned and previously occupied by the company was vacated and was being negotiated for sale. The sale is highly probable and is expected to be consummated within 6 months. The building had a cost of P20, 000, 000 and accumulated deprecation of P12, 000, 000. The fair value of the building is P9, 000, 000. The company expects to incur selling costs of P1, 500, 000 on the disposal of this building.

At what amount should this asset be measured on the company's statement of financial position?

A. P20, 000, 000

B. P9, 000, 000

C. P8, 000, 000

D. P7, 500, 000

(Kindly provide the solution, thank you!)