Carmela Company acquired a financial instrument for P4,000,000 on March 31, 2020. The financial instrument is classified at financial asset at fair value through other comprehensive income. The direct...

Extracted text: Carmela Company acquired a financial instrument for P4,000,000 on March 31, 2020. The financial instrument is classified at financial asset at fair value through other comprehensive income. The direct acquisition costs incurred amounted to P700,000. On December 31, 2020, the fair value of the instrument was P5,500,000 and the transaction costs that would be incurred on the sale of the investment are estimated at P600,000. What gain should be recognized in the other comprehensive income for the year ended December 31, 2020? a.Nil b.P900,000 c.P800,000 d.P200,000