On January 2, 2008, Marcfe Co. sold a used machine to Mardhex Inc. for P900,000, resulting in again of P270,000.

On January 2, 2008, Marcfe Co. sold a used machine to Mardhex Inc. for P900,000, resulting in again of P270,000. On that date, Mardhex paid P150,000 cash and signed a P750,000 note bearinginterest at 10%. The note was payable in three annual installments of P250,000 beginning onJanuary 2, 2009. Marcfe appropriately accounted for the sale under the installment method.Mardhex made a timely payment of the first installment on January 2, 2009, of P325,000, whichincluded accrued interest of P75,000. What amount of deferred gross profit should Marcfe reportat December 31, 2009?