Carlin Co, has the following trading securities:

Investment in Richman Co. - Trading Securities

Date Acquired Number of shares and Cost per share Total Cost

Jan. 3, 2018 30,000 shares at P40 P1,200,000

Mar. 3, 2018 20,000 shares at P45 900,000

Apr. 3, 2018 50,000 shares at P50 2,500,000

Carlin Co. does not have significant influence over Richman. On May 1, 2018, Carlin sold 60,000 shares at P60 per share. How much is the gain (or loss) on sale assuming the company is using first-in, first out method in valuing its securities?