C Company chose to measure all its buildings using the revaluation model. One of its buildings was acquired on January l, 2016 at a cost of P30,000,000. This building is being depreciated using straight line method and has an estimated life of 25 years and a residual value of P3,000,000. On December 31, 2022, this building was revalued and the revaluation revealed the following:

Fair value - P26 million; Residual value - P4 million; Revised remaining life of 10 years. C Company records the revaluation using the proportional basis. Thus, the cost of the building and its related accumulated depreciation was appropriately adjusted on December 31, 2022. It is the company's policy to transfer some of the surplus to retained earnings as the asset is being used. How much is the revaluation surplus reported in C Company's statement of financial position at December 31, 2023?

P3,650,000 P3,204,000 P2,200,000 P3,240,000