In November 2019, Kamatis Company exchanged a used packaging machine having a book value of P480,000 for a new machine and paid a cash difference of P60,000. The market value of the used packaging machine was determined to be P560,000. - In its profit or loss for the year ended Dec. 31, 2019, how much gain should Kamatis recognize on this exchange, assuming the exchange is considered with commercial substance? - On the date of exchange, what amount should Kamatis Company recognize as the cost of the asset received, assuming the exchange is considered as lacking in commercial substance?