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ABC Company uses lease as a means of selling its equipment. On July 1,2019, the company leased an equipment to DEF Company. The cost of the equipment to ABC Company was P 684,000. The fair market value ( which was the sales price) was P 792,236.54 at the time of the inception of the lease.

Annual lease payments are P 135,000 and are payable in advance for 8 years. The equipment has an expected economic life of 10 years. At the end of the lease term , title to the equipment will pass to DEF Company. Implicit interest rate is 10%.

What is the manufacturer's profit recognized by ABC Company?