Items 40 and 41 are based on the following: Greece Company revealed the following chronological transactions. a. Purchased 80,000 shares, par P20, at P80 per share as long-term investment. b. Received a share dividend of one share for every four owned. c. Received a cash dividend of P10 per share. d. Received share rights to purchase one share at P60 for every five rights held. On this date, the share right has a market five right of P10. e. Sold 40,000 rights at P14 each. f. Exercise the remaining rights. g. Sold 80,000 shares at P70 per share. 40. What is the gain on sale of shares using FIFO approach?