In 2016, Exquisite Inc, sold its parking lot for P2,400,000 payable on installment. The lot was previously acquired for P1,500,000. The buyer has an outstanding unpaid balance of P1,800,000 as of December 31, 2016, Exquisite's year-end. Compute Exquisite's gross income in 2016 using the installment method
A. P900,000
B. P675,000
C. P225,000
D. P112,500
Answer: C. P225,000