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The Opal Restaurant purchased huge electric griller equipment amounting to P1,300,000. When the electric griller was permanently retired from use, the accumulated depreciation was P490,000

The Opal Restaurant purchased huge electric griller equipment amounting to P1,300,000. When the electric griller was permanently retired from use, the accumulated depreciation was P490,000 and has a salvage value of P70,000. How much is the deductible loss from permanent retirement?

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