1. plant asset purchased for P180,000 has an estimated life of 10 years and a residual value of P14,000. Depreciation for the second year of use, determined by the diminishing-balance method at twice the straight-line rate is P 7 2. A plant asset purchased for P30,000 at the beginning of the year has an estimated life of 5 years and a residual value of P3,000. Depreciation for the second year, determined by the sum-of-the-years'-digits method is P 3. An item of equipment with a cost of P43,000 and accumulated depreciation of P12,000, is sold for P28,000. The gain or loss recognized on the disposal (indicate by "G" or "L" is 4. An item of plant asset with a cost of P70,000, estimated life of 5 years, and residual value of P10,000, is depreciated by the straight-line method. This asset is sold for P48,000 at the end of the second year of use. The gain or loss on the disposal (indicate by "G" or "L") is P I 5. Oslo Corporation has a vehicle that cost P850,000 on October 1, 2015. This old vehicle had an estimated life of ten years and a residual value of P50,000. On June 30, 2020, the old vehicle is traded in for a new vehicle. Oslo was offered a trade-in of P500,000 on the old vehicle and the cash payment was P90,000 to acquire the new vehicle. The straight-line depreciation method is used. The amount of gain or loss to be recognized by Oslo Corporation on the trade-in of the old vehicle is P