Dwayne Company recognizes construction revenue and costs using the percentage of completion method. During Year 1, a single long-term project begun which continued through Year 2. Information on the project follows: Year 1 Year 2 Accounts receivable P200,000 P600,000 Construction costs 210,000 384,000 Construction in progress 244,000 728,000 Partial billings on contract 200,000 840,000 What is the gross profit recognized from this long-term construction contract