In 20x1, Silverchair Co., a construction company, enters into a contract with a customer for the construction of a building. The contract states a fixed fee of P8,700,000. Silverchair's performance obligation in the contract is satisfied over time. Silverchair uses the 'cost-to-cost method in measuring its progress in the contract. Information on the contract follows: 20x1 20x2 Estimated total costs at completion 6,525,000 6,960,000 Percentage of completion 15% 65% How much is the profit recognized in 20x2