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48) Noelbic Company is experiencing financial difficulties with Andro Bank. The entity negotiated with the bank and arrived at an agreement to restructure a note payable at the end of the current period. The entity owed the bank principal amount of P8,000,000 and accrued interest of P960,000. Based on the agreement, the bank will accept equipment with a fair value of P1,600,000 and a note receivable from customer with carrying amount of P5,000,000. It was determined that the equipment had been acquired at P2,600,000 with accumulated depreciation of P600,000. What amount of gain from extinguishment of debt should be recognized? A. 1,960,000 B. 2,560,000 C. 2,360,000 D.0