Howe Company issued rights to subscribe to new share at P150 per share in the ratio of one new share for every five rights held. The share has a market value of P190 and the right has a market value of P10. An investor held 10,000 shares acquired a total cost of P1,800,000. The share rights are accounted for separately. The investor sold all of the share rights P15 per right.

Required:

What is the amount of gain on the sale of the rights?