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Singh Air has an executive airplane that originally cost P1,440,000. Straight line depreciation on the...

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Singh Air has an executive airplane that originally cost P1,440,000. Straight line depreciation on the airplane has been recorded for six years, with a P120,000 expected salvage value at the end of its estimated eight-year useful life. The last depreciation entry was made at the end of the sixth year. At the end of the seventh month of the the seventh year, Singh suddenly disposed of the airplane for P300,000 cash. How much gain or loss) on the disposal should Singh record

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