3. On March 2, 2020, CCC Company sold Innova car costing P576,000 for P960,000. In 2020, a total of P130,000 is collected on the contract of which P30,000 represents finance charges. After making religious payments, the customer defaulted and the vehicle was repossessed. CCC estimated that the market value of the repossessed vehicle is 80% of its unrecovered cost. Determine the following: a. Gain or Loss on Repossession b. Balance of Repossessed Item Account C. Net Income to be recognized d. Entries to record the transactions