On June 30, 2021, Corp. decided to reclassify a piece of equipment to held-for-sale. Since the equipment has been removed from operation, Kit is now available for sale to interested buyers. I mean, the equipment is now available for interested buyers. Sorry. The equipment was acquired on January 1, 2016 had an original cost of P2,500,000 with a 10-year useful life. In reference to a similar equipment in the market, on June 30, 2021 the equipment had a fair value less cost to sell of P875,000. The equipment was later sold for P800,000 on July 15, 2021. REQUIREMENTS: 1. What amount of impairment loss was recognized in 2021? 2. What amount of gain or loss on sale of equipment was recognized in 2021