On January 1, 2020, Pinangat Company purchased 50,000 ordinary shares of Tinuktok Company for P3,600,000. On December 1, 2020, Pinangat Company received 50,000 stock rights from Tinuktok Company. Each right entitled the holder to acquire one share for P85.The market price of Tinuktok Companys share was P100 immediately before the rights were issued and P90 immediately after the rights were issued. Pinangat Company sold the stock rights on December 31, 2020 for P15 a right. What is the gain from the sale of the rights?

a. 500,000

b. 250,000

c. 100,000

d. 750,000