On January 1, 2020, Gigantic Company sold a machinery with the original cost of P3,750,000 and accumulated depreciation of P1,350,000 in exchange for a P3,000,000 non-interest bearing note due January 1, 2023. There was no established exchange price for the equipment. The prevailing rate of interest for a similar note was 8%. The present value factors are: The present value of 1 at 8% for one period 0.9259 The present value of 1 at 8% for two periods 0.8573 The present value of 1 at 8% for three periods 0.7938 The present value of an ordinary annuity of 1 at 8% for three periods 2.5771 Instructions: Type the numerical answer (whole number) in the box. NO need for peso sign. If the answer is not exact, round it to the nearest peso. Use comma as separator like this 100,000 1. How much is the loss on sale of the machinery in 2020? Blank 1 2. The interest income on December 31, 2020 is Blank 2 Blank 1 Add your answer Blank 2 Add your