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How much is the gain or loss from disposal

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Aye 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.

Question 1: How much is the gain(loss) from disposal?

Reference no: EM132518064

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