On November 1, 2020, Jeramae entered into a firm commitment with Jeanette for the exportation of goods at a price of $2000. Delivery will happen on January 31, 2020. In order to hedge this foreign currency denominated firm commitment, Jeramae entered into a forward contract with a bank to sell $2000. Jeramae is operating in Philippine economy where the functional currency is Philippine peso. Jeramae elects to use fair value hedge to account this hedge of firm commitment. The following direct changes are given: Buying spot Selling spot 90-day forward buying 90-day forward selling 60-day forward buying 60-day forward selling 30-day forward buying November 1, 2020 P43 45 41 42 45 46 47 December 31, 2020 48 40 44 43 41 42 45 46 30-day forward selling What is the foreign currency gain on hedging instrument for the year ended December 31, 2021? 44