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What is the gain or loss on purchasing power

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Reference no: EM132986130

Problem - On January 1, 2021, an entity had monetary assets of P5,000,000 and monetary liabilities of P3,000,000. During 2021, the entity monetary inflows and outflows were relatively constant and equal so that it ended the year with the same net monetary assets of P2,000,000. The index number on January 1, 2021 was 125 and the index number on December 31, 2021 was 300. What is the gain or loss on purchasing power during the current year?

Reference no: EM132986130

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