ABC Co. entered into a P10,000,000 contract to construct a multi- purpose recreational facility. The estimated total costs on completion of the project were P8,000,000 and the contract period was 36 months starting January 1, 20x1. ABC Co. uses the cost- to-cost method to estimate its progress on the project. On January 1, 20x2, the contract price was reduced to P9,500,000 due to many changes made to the original contract. The accounting records relating to this contract for the years 20x1 to 20x3 disclosed the following: APIE Year 20x1 20x2 20x3 Actual costs in current year Estd.coFICAL Progress billings complete 3,200,000mg examinations, 4,800,000 in connection 2,800,000 3,280,000femic work, abettin1,620,000violation 4,000,000 with invalidation of grade, 2nd violation, censure to 1,720,000th invalidation of grade; 3rdviolation-suspension 2,700,000 to dismissal/ non-readmission with invalidation of grade What amount of profit is recognized in 20x3? IA s to