q6 please provide Complete solution Thank you

Question 6 2 pts On July 1, 2020, an entity bomowed 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 fair value option for reporting the financial liability. 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 effect on 2020 net income due to transactions related to the note. 134,500 A