Journey Company is a dealer of heavy equipment. It leased to Destination Company an equipment with a cost of P2,000,000 for five years with an annual rental of P800,000 payable at the end of each year. The heavy equipment has an estimated useful life of five years. The present value factor of an annuity of 1 for five years at 12% is 3.60. What amount of gross profit on sale should be recorded by Journey?

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