On July 1, 2020, Bar Inc. purchased 50,000 of Tell Inc.’s preference shares in exchange of a tract of Bar’ land which was carried in the books at P1,200,000. The shares were classified as financial...

On July 1, 2020, Bar Inc. purchased 50,000 of Tell Inc.’s preference shares in exchange of a tract of Bar’ land which was carried in the books at P1,200,000. The shares were classified as financial assets at fair value through profit or loss. The land had a fair value of P1,500,000. Meanwhile, Tell's shares had a fair value of P29 per share. How much is the gain to be recognized from the exchange of the land?