Apple Co. owns 84,000 shares of Banana Co. at a cost of P3,080,000. Subsequently, Apple received stock rights entitling it to purchase one share for each right at P45 per share. The share is quoted on this date at 050 and the rights at P10. Half of the rights were sold for P616,000, net of commission of P14,000 given to the broker. What amount of gain should be recognized from the sale of rights (stock right accounted for separately) 2