1 point 5. PEARS Company owned three investment properties. Details of the properties are as follows: Property 1 Property 2 Property 3 Initial Cost P2,700,000 3,450,000 3,300,000 Fair Value December 31, 2019 P 3,200,000 3,000,000 3,900,000 Fair Value December 31, 2020 P 3,500,000 2,800,000 3,400,000 Each property had an estimated useful life of 50 years. The accounting policy is to use the fair value model for investment properties. What is the gain or loss to be recognized for the year ended December 31, 2020? (If loss, put a negative sign before the numerical answer) Your