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CBU Company acquired a building with a 30-year life for its investment potential for P4 million on 1 January 2020. At 31 December 2020, the

CBU Company acquired a building with a 30-year life for its investment potential for P4 million on 1 January 2020. At 31 December 2020, the fair value of the property was estimated at P7 million with costs to sell estimated at P200,000. If CBU uses the fair value model for investment properties, what gain should be recorded in the statement of profit or loss for the year ended 31 December 2020?

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