1. On September 1, 2021, one of AXIE COMPAY's delivery vans was destroyed in an accident. The carrying value of the truck was P125,000. On September 18, 2021. AXIE COMPANY received an invoice for a new engine installed in the truck in August 1, 2021 amounting to P65,000 and another receipt for various repairs made totaling to P 35,000.

The amount that AXIE COMPANY should report as gain in relation to the truck in its 2018 statement of profit or loss

2. On December 31, 2021, a machine owned by SLP COMPANY was destroyed by a fire. SLP COMPANY incurred removal and clean-up costs of P40,000. The machine had a book value of P450,000 and a fair value of P510,000 at the time of the fire. The machine was insured "new to old" and was replaced by the insurance company with a new one currently selling at P560,000.

The loss due to fire to be reported in the 2021 income statement is

On September I, 2021, one of XIE COl'v'AY's delivery vans was destroyed in an accident The carrying value of the truck was P125,000_ On September 183 2021- EDGE COIMEPANY received an invoice for a new engine installed in the truck in August 1, 2021 amounting to P655000 and another receipt for vanous repairs made totaling to P 35,000. The amount that XIE. COMPANY should report as gain in relation to the truck in its 201 8 statement of prot or loss On December 315 2021, a machine owned by SLP COLEAIVTY was destroyed by a re. SLP COIMlPNY incurred removal and cleanup costs of P40,000. The machine had a book value of P450,000 and a fair value of 510,000 at the time of the re. The machine was insured \"new to o] \" and was replaced by the insurance company( with a new one currentlyr selling at P560,000. The loss due to re to be reported in the 2021 income statement is