Investment Property The Niagara Company owns three properties, which are classified as investment properties according to IAS 40. Details of the properties are given below: Property I: Initial Cost - P250,000 FV at 12/31/2022 -P220,000 FV at 12/31/2023- P240,000 Property II: Initial Cost - P355,000 FV at 12/31/2022 -P305,000 FV at 12/31/2023- P288,000 Property II: Initial Cost - P350,000 FV at 12/31/2022 -P375,000 FV at 12/31/2023- P365,000 Each property was acquired in 2019 with a useful life of 50 years. The company's accounting policy is to use the fair value model for investment properties. What is the gain or loss to be recognized in Niagara's profit or loss for the year ending December 31, 2023? a. P62,000 loss b. P27,000 loss c. P20,000 gain d. P 7,000 loss

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