ABC exchanged an old equipment with a new one. The old equipment was originally acquired 3 years ago for P300,000 and was depreciated using straight line over 5 years with no residual value. The new equipment has a fair value of P200,000 while the old equipment has a fair value of P150,000. ABC paid a cash difference to equalize the difference in fair values of the properties. The cost of the new equipment and the amount of gain or loss on exchange, respectively are P 200.000, P30,000 gain OP150.000. P80.000 gain P200.000. P80.000 gain OP150.000. P30,000 gain