Dream Company negotiated with a major creditor to restructure a maturing debt on December 31, 2020. The creditor was owed a principal of P10,000,000 and interest of P1,200,000 but agreed to accept equipment with fair value of P8,000,000 and note receivable from Dream Company's customer with a face value of P2,000,000. The equipment had a carrying amount of P5,000,000. What amount should be recognized as gain from extinguishment of debt on December 31, 2020? 1,200,000 -0- 4,200,000 2,000,000