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How much is the gain from disposal

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Question 1: Inc. decided to revalue its machine on December 31, 2019, and determined that the current replacement cost is P1,500,000. The machine, which was purchased last January 1, 2017 for P1,000,000, has a carrying value of P400,000. The entity has been consistent in depreciating its machine using the straight-line method for a 5-yr useful life. On September 1, 2021, the entity sold the machine for P140,000. How much is the gain(loss) from disposal?

Reference no: EM132518035

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