What amount should be reported as gain from sale of truck

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Reference no: EM132812951

On December 31, 2020, Grains Company sold a truck to Bryan Company and simultaneously leased it back for one year. The entity provided the following information: Sales price is P360,000. Carrying amount is P330,000. PV of reasonable lease rentals at 30,000 for 12 months @ 12% is P341,000. Estimated remaining useful life of the asset is 12 years.

Problem 1: In the income statement for 2020, what amount should be reported as gain from the sale of the truck?

Reference no: EM132812951

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