An equipment was acquired on December 31, 2016 for P5,000,000 and is expected to have a 10-year useful life. The straight-line method was used. On December 31, 2020, the asset was deemed to have a sound value of P4,800,000. On December 31, 2023, the replacement cost of the asset was P3,500,000 How much should be taken to profit or loss for the period ended December 31, 2023? An equipment was acquired on December 31, 2016 for P5,000,000 and is expected to have a 10-year useful life. The straight-line method was used. On December 31, 2020, the asset was deemed to have a sound value of P4,800,000. On December 31, 2023, the replacement cost of the asset was P3,500,000 How much should be taken to profit or loss for the period ended December 31, 2023