On January 1, 2014, LET Inc. sold an equipment with cost of P2,000,000 and accumulated...
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Accounting
On January 1, 2014, LET Inc. sold an equipment with cost of P2,000,000 and accumulated depreciation of P500,000. The consideration received is a non-interest bearing note with a principal of P3,000,000 payable at the end of the term of 4 years. The applicable interest rate for the similar type note is 12%. What is the gain/(loss) on exchange to be reported by LET? (answer should be rounded to whole number. No decimal)
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