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What is the gain on sale of equipment to be recognized

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Question - On December 31, 2019, Park Company sold used equipment with carrying amount of P2,000,000 in exchange for a non-interest bearing note of P5,000,000 requiring ten annual payments of 500,000. the first payment was made on December 31, 2020. The market interest for similar note was 12%. The present value of an ordinary annuity of 1 at 12% is 5.65 for ten periods and 5.33 for nine periods. What is the gain on sale of equipment to be recognized in 2019?

Reference no: EM132787731

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