On September 1, 2020, SMD Company borrowed P5,000,000, 10% interest-bearing note due in five years. On December 31, 2020, the fair value of the note is determined to be P4,350,000. The entity elected...

On September 1, 2020, SMD Company borrowed P5,000,000, 10% interest-bearing note due in five years. On December 31, 2020, the fair value of the note is determined to be P4,350,000. The entity elected irrevocably the fair value option in measuring the note payable. What amount of gain/loss from change in fair value of the note payable should be reported for 2020?