On May 1, 2021, Honesty Company entered into a fixed price contract to construct a building for PE,000,000. Honesty {L'ompangrr appropriately accounts for this contract under the percentage of completion method. Honest\".l uses the cost-to-cost method to measure its progress in the contract. Information relating to the contract is as follows: estimated cost at completion is P 4,500,000 and P4,800,000 for 2021 and 2022, respectively. The company recognized prot of P300,000 and P20,000 for 2021 and 2022, respectively. What amount of Construction Revenue should be recognized for 2022