On April 1, 2020, Ander Company purchased an equipment worth P2,750,000, with an estimated useful life of eight years and a residual value of P250,000.00. Ander bought the equipment with the intention of have it leased. On August 1, 2020, Ander Company signed a contract for the lease of the equipment for four years up to July 31, 2024. The lease contract states that the lessee shall pay Ander an annual lease fee of P750,000 in advance every August 1 starting August 1, 2020. Accordingly, Ander Company paid P150,000 worth of commission related to the lease negotiation and P 12,700 for minor repairs. Compute for the gross lease income for 2020.