CASE 4 On January 1, 2019, COT Co. issued P1,500,000, 12% convertible bonds due after 4 years. The bonds were sold for P1,595,082 and are convertible into P10 par ordinary shares at a conversion price of P25 per share. On December 31, 2020, COT Co. in an effort to induce conversion of the bonds into ordinary share, reduced the conversion price to P20 per share for bondholders that converted within 40 days. On this date, the fair value of the bonds is P1,600,000 and the bonds have a carrying amount of P1,552,049. All the bond holders accepted the offer on December 31, 2020. On the date of conversion, the fair value of the COT Co.'s ordinary share is P30 per share. How much is the amount to be recognized in profit or loss as a result induced conversion?