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WELL Co. acquired a building on January 1, 2021 for a total cost of P24,000,000 and classified it as investment property. WELL Co. uses the

WELL Co. acquired a building on January 1, 2021 for a total cost of P24,000,000 and classified it as investment property. WELL Co. uses the fair value model for its investment property. On January 1, 2025, when the carrying amount of the building is P16,000,000, the elevator in the building was replaced for a total cost of P3,200,000. It is impracticable to determine the fair value of the replaced part. The fair value of the building on December 31, 2025 is P17,200,000. How much is the loss recognized during the year?

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