Question 29 1 Point Use the following data in answering Numbers 29 to 31: On January 1, 2020, Allure Company sold an equipment with a carrying amount of P800,000, receiving a noninterest bearing note due in three years with a face amount of P1,000,000. The interest rate on similar obligations is 12%. The present value of 1 at 12% for three periods is .712. What amount should be reported as gain or loss on the sale of equipment in 2020? A a. 200,000 gain Bb. 200,000 loss C. 88,000 gain D d. 88,000 loss