On January 1, 2015, the prevailing rate of interest of the bonds without the conversion option is 12%. The company issued its 5-year, 10%, P2,000,000 convertible bonds for the face amount of P2,000,000. The bonds are convertible into P300 par ordinary shares at a conversion price of P500 per share. Interest is payable every December 31. On December 31, 2016, after payment of interest, of the bonds were retired at P1,500,000 when the fair value of the securities is P500. The prevailing rate of interest of the bonds is 9%. On January 1, 2017, to induce the holder to convert the convertible debenture promptly, the company reduces the conversion price to P400 if the debenture is converted before March 1, 2017 (i.e. within 60 days). All the bond holders accepted the offer on January 1, 2017. On the date of conversion, the fair value of the companys ordinary share is P450 per share. Round off PV factors to four decimal places.

The loss on the retirement of the bonds on December 31, 2016? The amount to be recognized in profit or loss as a result of the amendment of the terms on January 1, 2017?