On July 1, 2020, an entity borrowed P700,000 10% Interest-bearing note maturing in June 30, 2023. The entity incurred P4,500 in issuance costs. Interest is payable annually every June 30. The entity has elected the fal value option for reporting the financial ability The fair value of the note were as follows: July 1, 2020-P740,000 December 31, 2020 - P640,000 Changes in fair value were determined to be due to volatility in exchange rates. Determine total eflect on 2020 na Income due to transactions related to the nota. (99.500 (64.500 (134,500) (130,000)