ABC Company leased equipment to DEF Company on July 1,2019, for a one year period expiring on June 30,2020, for P 40,000 a month. On July 1,2020, ABC leased this piece of equipment to GHI Company for a 3 year period expiring June 30,2021, for a P 50,000 a month. The original cost of the equipment was P 3,200,000. The equipment which has been continually on lease since July 1,2019 is being depreciated on a straight-line basis over an eight year period with no salvage value.

Both the lease to DEF and GHI are appropriately recorded as operating leases for accounting purposes. DEF and GHI both accounted their lease by applying the recognition and measurement exemptions for short term leases with low value.

What is the amount of income (expense) that GHI would record as a result of the above facts for the year ended December 31,2020?

Answer should be in this format:

if income--> 1,000

expense--> (1,000)