Use the following information for the next two questions. Emong Co. purchased a put option on Apol ordinary shares on August 1, 2020, for P10,000. The put option is for 20,000 shares, and the strike price is P30. The option expires on January 31, 2021. The following data are available with respect to the put option: Date Market Price of Apol Shares P31 per share Time Value of Put Option P2,100 0 December 31, 2020 January 31, 2021 P32 per share 6. What was the effect on profit of entering into the derivative transaction for the year 2020? A. P12,100 increase C. P10,000 decrease B. P10,000 increase D. P 7,900 decrease 7. The gain or loss on settlement of put option on January 31, 2021 is A. P20,000 gain C. P10,000 loss D. P 2,100 loss B. P17,900 gain