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Find the profit on disposal recognized in profit or loss

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Question - Carry Company sold an item of plant and machinery on January 1, 2019, for P 2,500,000 its fair value when its carrying amount was P2,000,000. Carry company leased the item back on that date for 5 years, the item's remaining useful life. lease payments are P 700,000 on January 1 each year. Find the profit on disposal recognized in profit or loss for 2019?

Reference no: EM132857842

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