Villaverde Company insures the life of its president for P8,000,000, the corporation being the beneficiary of an ordinary life policy. The premium is P200,000. The policy is dated January 1, 2010. The cash surrender value on December 31, 2012 and 2013 are P60,000 and P80,000 respectively. The corporation follows the calendar year as its fiscal period. The president dies on October 1, 2013 and the policy is collected on December 31, 2013. What is the gain on life insurance settlement?

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