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How much is the gain on sale of equipment

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Question - On January 1, 2018, Alan Company purchased an equipment for P8,000,000. The equipment is depreciated using straight line method based on a useful life of 8 years with no residual value. On January 1, 2021, after 3 years, the equipment was revalued at a replacement cost of P12,000,000 with no change in residual value. On June 30, 2021, the equipment was sold for 10,000,000. How much is the gain (loss) on sale of equipment?

Reference no: EM133188981

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