On October 1, 2012, Solar Inc. purchased a piece of land costing P1,000,000 from Power Company for P1,500,000. On December 1, 2013, Solar Inc. sold this land to unrelated party for P1,500,000. On the other hand, on July 1, 2013, Solar Inc. sold a used photo-copier with a carrying value of P60,000 and remaining life of 3 years to Power Company for P42,000.

Separate Statement of Comprehensive income for the two companies for the year 2013 follow:

Power Company

Solar Inc.

Sales

P25,000,000

P14,000,000

Cost of sales

(15,000,000)

(8,400,000)

Gross Profit

P10,000,000

P5,600,00

Operating expenses

(6,000,000)

(3,800,000)

Operating Profit

P4,000,000

P1,800,000

Loss on Sale of Office Equipment

(18,000)

Dividend Revenue

40,000

Net Income

P4,000,000

P1,822,000

Compute the Consolidated Gross Profit for 2013

Group of answer choices

P15,712,000

P15,632,000

P15,584,000

P19,632,000