A machinery with a carrying amount of P1,600,000 has been sold by Happy Corporation on December 31, 2020. Happy Corporation received the following in exchange for the machinery:

                CASH DOWNPAYMENT: P300,000

                NOTE RECEIVABLE: P300,000 payable EVERY YEAR in the NEXT FOUR YEARS

The parties to the sale did not specify any specific rate of interest. As Happy's accountant, you are aware that the current market rate of interest is 9% (which can be used to fairly represent this transaction).

NOTE: USE FIVE DECIMAL PLACES IN YOUR PV FACTORS.

How much is the gain(loss) in the sale of the machinery by Happy Corporation?