On January 2, 2019. Play Co. sold equipment with a carrying amount of P480,000 in exchange for a P600,000 non-interest- bearing note due January 2, 2022. There was no established exchange price for the equipment. The prevailing rate of interest for a note of this type at January 2, 2019 was 10%. The present value of 1 at 10% for three periods is 0.75. How much should Play report as gain (loss) on sale of equipment in its 2019 income statement? 30.000 GAIN 120.000 GAIN 120.000 LOSS 30000 LOSS