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Calculate the loss or gain

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Question - Entity A acquired an asset that had a cost of P130,000. The asset is being depreciated over a 5-year period using the sum-of-the-years' digit method. It has a salvage value estimated at P10,000. Calculate the loss/gain if the asset is sold for P38,000 at the end of the third year?

a. P4,000 gain

b. P20,000 loss

c. P68,000 loss

d. P92,000 loss

Reference no: EM132609846

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