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What is the effect of the june transaction

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Question - On January 1, 2004, Loyal Company purchased an equipment for P8, 000,000. The equipment is depreciated using straight line method based on a useful life of 8 years with no residual value. On January 1, 2007, after 3 years, the equipment was revalued at a replacement cost of 12,000,000 with no change in residual value. On June 30, 2007, the equipment was sold for 10,000,000. What is the effect of the June 30, 2007 transaction to the retained earnings?

Reference no: EM133188969

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