On January 1, 2022, an entity showed the following: Note payable - due January 1, 2022 - 14% Accrued interest payable 5,000,000 1,000,000 The entity is granted by the creditor the following concessions on January 1, 2022: a. The accrued interest of P1,000,000 is forgiven. b. The principal obligation is reduced to P4,000,000. c. The new interest rate is 10% payable every December 31. d. The new date of maturity is December 31, 2022. How much is gain on extinguishment of debt?