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Jent Company purchased bonds at a discount of P100,000. Subsequently, Jent sold these bonds at a premium of P140,000. During the period that Jent held

Jent Company purchased bonds at a discount of P100,000. Subsequently, Jent sold these bonds at a premium of P140,000. During the period that Jent held this long-term investment, amortization of the discount amounted to P20,000. What amount should be reported as gain on sale of bonds?

a.P260,000

b.P240,000

c.P220,000

d.P120,000

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