On January 1, 20x9, First Time Company sold a tract of land that was acquired years ago for P 3M. First time received a three year 15% interest bearing note for P 6M in exchange for the land, but the current market rate of interest for comparable notes is 10%. The note is payable in equal annual instalments of P 2M every December 31 starting December 31, 20x9. (Do not round your present factors but round off your final answers to 2 decimal places)

- Compute for the carrying value of the note on January 1, 20x9b.

- Compute for the gain or loss on sale