Roxas Company made a $1-$year purchase commitment with Magsaysay Corp for supplies worth $P695,600$ on August $12,20$x$6.$ The market value of the purchase commitment is $9820,500$ at the end of $2016.$ On April $26,207,$ the market value of the purchase commitment is $8660,000.$

What amount should be recognized as loss on purchase commitment in $20$x$7?$

The warehouse of Corazon Company was damaged due to the fire, which caused the majority of their accounting records to be destroyed.

$\backslash$table$[[$Inventory $-$ January $1,20$x$0,2,000,000\mathrm{.}00$