On January 1,2015, ABC Corporation acquired a building at a cost of P 22,000,000. The building has been depreciated using the straight-line basis of a 20-year life, with a residual value of P 2,000,000. On January 1,2020, an appraisal of the building by professional and competent appraisers reported a fair value of P 20,000,000, with an estimated residual value of P 3,000,000 and a remaining useful life of 10 years. It is the company's policy to transfer a portion of the revaluation surplus to retained earnings while the asset is being used by the company. Assume that the accumulated depreciation of the revalued asset is restated proportionately with the change in the gross carrying amount of the asset. What is the revaluation surplus recognized in the accounts at January 1,2020?

P 3,000,000

P 2,700,000

P 5,000,000

P 4,500,000