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Jayanne Company acquired an equipment for P4,200,000 in 2018. The policy is straight line depreciation, full depreciation in the year of acquisition and no depreciation

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Jayanne Company acquired an equipment for P4,200,000 in 2018. The policy is straight line depreciation, full depreciation in the year of acquisition and no depreciation in the year of disposal. The useful life is five years with residual value of P200,000. On July 1, 2021, the equipment was sold for P2,500,000. What is the gain on disposal in 2021

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