In February 2019, Walley Corp decided to sell its entire Plant division. The Plant division was a major part of Walley Corps business and the sale will result in a strategic change in direction for the company.

The sale was completed in January 2020 and resulted in a gain on disposal of P500,000. In 2019 Plants net losses were P350,000 and P20,000 in 2020 up until the date of sale.

Excluding taxation, what should the net gain/(loss) to be reported in the income statements of Walley Corp for its Plant division?

Select one:

a. 2019 P 230,000 / 2020 P 0

b. 2019 (P 350,000) / 2020 P 480,000

c. 2019 P 0 / 2020 P 230,000

d. 2019 (P 350,000) / 2020 P 500,000