Veritas Company accounts for noncurrent assets using the revaluation model. On October 1, 2013, the entity classified a freehold property as held for sale: At that date, the property's carrying amount was P2,200,000 and the balance of revaluation surplus was P1,200,000. At same date, the fair value was estimated at P2,900,000 and the cost of disposal at P220,000. The property was sold in 2014. At what amount should the revaluation surplus be reported on December 31 , 2013