Tala Company purchased 35% interest in Kilometer Company for P5,600,000 on July 15, 2020. Tala already held a 25% interest purchased for P3,000,000. As of this date, the carrying value of the identifiable net assets of Kilometer totaled P17,000,000. The carrying value of the identifiable net assets of Kilometer equal their fair values except for the undervaluation of Inventories and Machineries by P200,000 and P1,000,000 respectively. The fair value of the noncontrolling interest on July 15, 2020 is P7,000,000.

How much is the gain on bargain purchase to be recognized as a result of the business combination?