1 point 9. On January 2, 2020. GRAPES Company sold equipment with a carrying amount of P480,000 in exchange for a P600,000 non-interest bearing note due Jan 2. 2023. There was no established exchange price for the equipment. The prevailing rate of interest for a note of this type at January 2.2020 was 10%. The present value of 1 at 10% for three periods is 0.75. How much should GRAPES report as gain(loss) on sale of equipment in its 2020 income statement? (If loss, put a negative sign before the numerical answer) Your