GEE Company and EYCH Inc. decided to exchange machineries on January 1, 2019. The machine of GEE (Machine G) was purchased in January 1, 2016 for ₱1,000,000. The estimated useful life of the machine...

GEE Company and EYCH Inc. decided to exchange machineries on January 1, 2019. The machine of GEE (Machine G) was purchased in January 1, 2016 for ₱1,000,000. The estimated useful life of the machine is 10 years, with no residual value. On the date of the exchange, Machine G’s fair value is ₱680,000. EYCH’s machine (Machine H) was purchased on January 1, 2018, for ₱2,500,000. The estimated useful life of the machine is 5 years, with no residual value. The fair value of Machine H on the date of exchange is ₱2,100,000. Because of the difference in the fair values, included in the agreement is a stipulation wherein GEE shall pay ₱1,500,000. The exchange is considered to be with commercial substance. How much is the gain(loss) from exchange that should be recognized by GEE Company?