A lessor leased a freehold building for 20 years with effect from 1 January 2020. The useful life of the building is 40 years. As part of the negotiations for the lease, the lessor granted the lessee a rent-free period. Annual rentals of P1.6 million are payable in advance on1 January, commencing in 2022. How much income should lessor recognize in profit or loss in the year ended 31 December 2020?