of P8,000,000 with accumulated depreciation of P3,200,000 at December 31, 2020. Annual depreciation on the plant since it was acquired was consistently provided at 8% per year based on cost. The company has not yet recorded depreciation for 2021. The company undertook all the n
On September 30, 2021, Xtend Company decided to dispose its manufacturing plant located in Taguig City. The plant is carried at a cost of P8,000,000 with
The company undertook all the necessary actions to be able to classify the asset as held for sale. On September 30, 2021, Xtend Company estimated that it could sell the plant at its fair value of P4,900,000 after incurring estimated selling costs of P400,000. On December 20, 2021, Xtend Company sold the plant for P4,950,000 and paid disposal costs of P350,000. How much is the gain on sale of Taguig City plant?
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