16. What is the gain from remeasurement to fair value? * For items 15 & 16 Liberty Company acquired 30,000 ordinary shares of the 100,000 outstanding shares of another company representing 30% interest several years ago. At year-end, the investment in associate has a carrying amount of P6,000,000. On the same date, Liberty Company sold 20,000 shares for net proceeds of P5,100,000 resulting to a loss of significant influence. The quoted market price for such investment is P250 per share on the date of sale. 15. How much is the gain on sale of investment?* For items 15 & 16 Liberty Company acquired 30,000 ordinary shares of the 100,000 outstanding shares of another company representing 30% interest several years ago. At year-end, the investment in associate has a carrying amount of P6,000,000. On the same date, Liberty Company sold 20,000 shares for net proceeds of P5,100,000 resulting to a loss of significant influence. The quoted market price for such investment is P250 per share on the date of sale