On January 1,2020, Fred Corporation purchased a new machine for P4,800,000 and leased it to George Corporation the same day. The machine has an estimated 12-year life and will be depreciated P400,000 per year. The lease is for a three-year period at an annual rental of P850,000. Additionally, George paid P300,000 to Fred as a lease bonus to obtain the three-year lease. Fred incurred insurance expense of P80,000 for the leased machine during 2020. The gross rentals of Fred on the leased asset for 2020 is _____. The net rent income of Fred on the leased asset for 2020 is _____.