Pomelo Company has the policy of valuing inventory at the lower of cost and net realizable value using the allowance method. Allowance to Reduce Inventory to NRV account at December 31, 2021 before adjustment is P86,000. Analysis of the net realizable value and costs of their products on December 31, 2021 revealed a valuation at the lower of cost and net realizable value of P1,200,000 applied to the individual products.  The total cost of its products on that date is P1,300,000. How much is the loss from decline in NRV that Pomelo Company should report in profit or loss for the year ended December 31, 2021?

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