On March 31, 2020, Shooter Corp. retired a machine used in manufacturing designer parts. The machine was acquired May 1, 2017. Straight-line depreciation method was used. The asset had an estimated...

On March 31, 2020, Shooter Corp. retired a machine used in manufacturing designer parts. The machine was acquired May 1, 2017.  Straight-line depreciation method was used.  The asset had an estimated residual value of P20,000 and a five-year life.  On December 31, 2019, the balance in the accumulated depreciation is P330,000.  The machine was scrapped and the company did not receive a single consideration.  The loss on retirement is