During 2030, RODRIGUEZ INC. (nos. 12 and 13) started work on a P 3,000,000 fixed price contract. Any costs incurred are expected to be recoverable. The accounting records disclosed the following data for the year ended December 31, 2030: Cost incurred - P 930,000; Estimated cost to complete - P 2,170,000; Progress billings - P 1,100,000; and Collections - P 700,000. How much loss should Rodriguez Inc. recognize in 2030 under the percentage of completion method?