THRALL SLAVE Co. uses the installment method. Information on installment sales in 20x1 and 20x2 is shown below: Sales Cost of sales Gross profit rate 20x1 20x2 Installment receivable - 20x2 400,000 640,000 320,000 448,000 20% 30% Installment receivable 20x1 180,000 60,000 288,000 During 20x2, THRALL Co. repossessed a property which was sold in 20x1 for P40,000. Prior to repossession, P10,000 were collected from the i resale price of the repossessed property was P34,000 after reconditioning costs of P6,000. How much is the gain or loss on repossession?