On November 1, 2020, Cebu Express Motors which maintains a perpetual inventory records sold a new automobile to Speedex for P6,120,000. The cost of the car to the seller was P4,684,500. The buyer paid 30% down and received P576,000 allowance on an old car traded, the balance being paid in equal monthly instalment payments commencing the month of sale.

The monthly amortization was P216,000 inclusive of 12% interest and unpaid amount of the obligation. The car traded-in has a wholesale value of P864,000 after expending reconditioning cost of P162,000.

After paying three installments, the buyer defaulted, and the car was subsequently repossessed. When reacquired, the car was appraised to have a fair value of P2,160.000

1. How much is the realized gross profit on installment sales during 2020?