17. On May 1, 2015, Pager Corp. bought a parcel of land for P300,000. After seven months, Pager sold this land to a triple-A rated company for P450,000, under the following terms: 25% at closing and a first mortgage note (at the market rate of interest) for the balance. The first payment on the note, plus accrued interest is due on December 1, 2016. Pager reported this sale on the installment basis in its 2015 tax return. Question: a. How much gain should Pager report from the sale of this land in its 2015 profit or loss