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On January 1, 2019, YOU T00 Corporation purchased P1,000,000 10% bonds classified as FA@AC. The bonds were purchased to yield 12%. Interest is payable annually

On January 1, 2019, YOU T00 Corporation purchased P1,000,000 10% bonds classified as FA@AC. The bonds were purchased to yield 12%. Interest is payable annually every December 31. The bonds mature on December 31, 2023. On December 31, 2019 the bonds were selling at 99. On December 31, 2020, YOU TOO sold P500,000 face value bonds at 101. The bonds were selling at 103 on December 31, 2021. How much is the gain on sale of the investment in bonds in 2020?

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