On January 1, 2011, ABC Co. sold equipment with carrying amount of P4,800,000 In exchange for a P6.000.000 noninterest bearing note due January 1, 2014. There was no established exchange price for the equipment. The prevailing rate of Interest for a note of this type on January 1, 2011 was 10%. Use 2 decimal places in PV Factor. In ABC Co. 2011 income statement, what amount should be reported as gain or loss on sale of equipment? Nour