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How much is the gain on sale for hotel de luna company

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The Hotel De Luna Company purchased for P240,000 cash on July 1, 2015 a machine with an estimated useful life of 10 years and an estimated residual value of P12,000. Depreciation was recorded on a monthly basis using straight-line method. The machine was sold for P130,000 on September 30, 2020.

Problem 1: Using the conceptual framework's derecognition concept, how much is the gain/loss on sale?

Reference no: EM132765999

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