Bloom Corporation acquired 30% of Gloom Company's 100,000 voting stock on January 2, 2018 for P2, 000,000 when the net assets of Gloom Company was P6, 000,000. Gloom earned P1, 000,000 and P1, 500,000 in 2018 and 2019, respectively. Gloom Company paid dividends of P300, 000 in 2018 and P500, 000 in 2019. Market value of Gloom's ordinary shares is P80 and P0 per share for December 2018 and 2020 respectively.

On January 2, 2019, Bloom Company sold 40% of its investment at the prevailing market price of 80 per share.

QUESTION:

1. What amount gain or loss should Blook Company recognize on Jan 2, 2019 in its profit or loss?

2. If after the sale, Bloom Company designated the retained investment as investment at fair value to other comprehensive income, what amount of unrealzed gain or loss should be reported in its December 31,2019 other comprehensive income of the statement of comprehensive income?

3. If after the sale, the retained investment was reclassified as investment to profit or loss, what total amount should be reported in the profit or loss related to the security through out the year 2019?

*Market value of glooms ordinary shares is 80 and 90