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GJG purchased an investment property on 1 January 2017 for a cost of P35 million. The property had an estimated useful life of 30 years,

GJG purchased an investment property on 1 January 2017 for a cost of P35 million. The property had an estimated useful life of 30 years, with no residual value, and at 31 December 2019 had a fair value of P42 million. On 1 January 2020 the property was sold for net proceeds of P35 million.

Calculate the profit or (loss) on disposal under the cost model.

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