On June 30, 2010, Lee Company sold equipment to an unaffiliated entity for P5,500,000. The equipment had a carrying amount of P5,000,000 and remaining life of 10 years. That same day, Lee leased back the equipment at P15,000 per month for 2 years with no option to renew the lease or repurchase the equipment. The present value of the lease payments using the appropriate interest rate was P318,650 on June 30, 2010. What is the equipment rent expense for the year ended December 31, 2010?