On March 31, 2021, P derecognized a machine used in manufacturing designer parts. The machine was acquired on May 1, 2018. Straight-line depreciation method was used. The asset had an estimated salvage value of P20,000 and a five-year life. On December 31, 2020, the balance in the accumulated depreciation is P330,000. The machine was scrapped and the company did not receive a single consideration. How much would be the loss on derecognition?