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How much gain should be recorded

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Reference no: EM133002454

White Corporation sold a piece of production equipment in 2021. The production equipment had been accounted for using the revaluation approach, and the following are the details of the accounts and sale:

Sale Price P100,000

Carrying amount of equipment 90,000

Revaluation surplus 20,000

Problem 1: In profit or loss, how much gain should be recorded?

Reference no: EM133002454

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