On January 2, 2009, Easy Pay Co. sold a plant to Menchie Co. for P1,500,000. On that date, the plant's carrying amount was P1,000,000. Menchie gave Easy Pay P300,000 cash and a P1,200,000 note,...

Extracted text: On January 2, 2009, Easy Pay Co. sold a plant to Menchie Co. for P1,500,000. On that date, the plant's carrying amount was P1,000,000. Menchie gave Easy Pay P300,000 cash and a P1,200,000 note, payable in four annual installments of P300,000 plus 12% interest. Menchie made the first principal and interest payment of P444,000 on December 31, 2009. Easy Pay uses the installment method of revenue recognition. In its 2009 income statement, what amount of realized gross profit should Easy Pay report?