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How much should pc option report as deferred gain from sale

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Reference no: EM132578864

On July 1,2015, PC Options sold equipment to PC Madness and simultaneously leased it back for 12 years. Pertinent information at this date is as follows:

Sales price - P 4,800,000

Carrying amount - 3,600,000

Economic life - 15 years

Question 1: At July 1, 2015, how much should PC Options report as deferred gain from the sale of the equipment?

Reference no: EM132578864

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