A company sells cars on both installments and cash. On March 30, 2019, the Company sold a car to a customer for P525,000 with a cost of P414,000. Used car accepted as down payment, P128,000 allowed on trade-in. The used car can be resold for P160,200 after a refit cost of P7,660. The Company expects to earn a 20% gross profit on the sale of used cars. The balance of the sale will be paid in 10-month installments beginning May 1, 2019.

The customer defaulted on payment on or after November 1, 2019 and the car was immediately repossessed. The repossessed car was appraised at a value of P93,750 at the time of repossession. The Company had to incur additional repair costs in the amount of P9,250 before the car was subsequently resold on December 1, 2019 for P128,750 in cash to another customer.

What is the net profit as of December 31, 2019?