Presented below are the selected transactions of JIJOSAND Company regarding noncurrent asset held for sale;

2015

Jan. 1 - Acquired a machinery worth P 5,000,000 to be used in business operations. Its estimated useful life is 10 years with residual value of P 500,000. 2018

Jan. 1 - The management decided to dispose the machinery anytime and to classify it as held for sale. On this date, the fair value of the asset less cost to dispose was estimated at P 1,900,000. Jun. 30 - The machinery was sold for P 1,500,000.

What is the impairment loss on January 1, 2018