A group of twenty 2 - year old cattle was held at January 1, 2029. On this date, five 2 - year old cattle were purchased for P12,000 each and 5 calves were born. No cows or calves were disposed of during the period. Per unit fair values less cost to sell were as follows:

January 1, 2029

2 - year old cattleP12,000

Newborn cattle4,000

December 31, 2029

2 - year old cattle13,000

3 - year old cattle15,000

1 - year old cattle7,000

Newborn cattle5,000

The company records separately the increase in fair value less cost to sell due to physical change and change in fair value less cost to sell due to price change.

How much shall be taken to profit or loss as a gain arising from change in fair value due to price change?

P110,000

P90,000

P30,000

P60,000