XYZ Co. purchased an investment property on January 1, 2010 for 4,200,000. The property has an estimated useful life of 6 years. Immediately after the purchase, the XYZ insured the property for 3,000,000. The annual insurance premium is 120,000, payable at the beginning of each year. The entity uses the cost model and the straight line method of depreciation for its investment property. On December 31, 2011, the property was destroyed by fire. The insurance company approved the entity's insurance claim only on October 10, 2012. How much is the net gain (loss) recognized by the entity from the event described above in its December 31, 2011 statement of profit or loss?