INGATSAGOT Company began operations on January 1, 2017. The following data pertain to INGATSAGOT operations for the year 2017: Installment sales (before over/under-allowance) Operating expenses Regular sales Total collections for the year (excluding interest of P840,000) Cost of regular sales Cost of installment sales Accounts receivable, end Installment receivable written-off Estimated resale value of repossessed merchandise Repossessed accounts Actual value of trade-in merchandise 31,500,000 4,025,000 13,125,000 20,880,000 7,525,000 22,050,000 5.125,000 1,540.000 2,900,000 3,500,000 2,800,000 Trade-in allowance Reconditioning cost of the repossessed merchandise Profit usual on the sale of repossessed merchandise 4,900,000 575,000 15% Additional information: The company gives allowance to used merchandise for installment sale purposes only. How much is the deferred gross profit account (after adjustment) balance as of December 31, 2017