On January 1, 2021, Romania Company acquired 3-year bonds with a face amount of P2,000,000 for P1,907,200. The nominal rate is 12% The effective rate is 14% The interest is payable annually on December 31. The entity used the effective interest method and 2 decimal places for PVF. On January 1, 2023, the entity decided to retire all the bonds for P2,150,000. How much is the gain on early retirement of the investment in bonds (round-off answer to the nearest peso value)?

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A: Please find the answer to the above question below:

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