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How much gain or loss on sale of land will record

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Paeng E. Kadate was able to sell his land for P15,000,000. He asks you, his accountant, to journalize for him. You skim through his balance sheet and find out that, under PPE, Land has an amount of P10,000,000. You further search through the accounts and find out that the accumulated depreciation has a balance of P7,500,000.

Problem 1: How much gain/loss on sale of Land will you record? Enclose with parenthesis if loss.

Reference no: EM132675002

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