ABC purchased 8,000, P1,000 face amount, 9% bonds to yield 10%. The carrying amount of the bonds on January 1, 2026 was P7,800,000. The bonds mature on June 20, 2029 and pay interest semiannually on June 30 and December 31. The entity sold 4,000 bonds on March 1, 2027 for P3,920,000 after the interest has been received. What is the amount should be recognized as gain on sale of bonds?

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