Jana Company leased a building for 20 years with effect from January 1, 2010. The useful life of the building is 40 years. As part of the negotiations for the lease, the lessor granted Jana a rent-free period. Annual rentals of P1,600,000 are payable in advance on January 1, commencing in 2012. What rent expense should be recognized in profit or loss for the year ended December 31, 2010?