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10. Genie Company's depreciation policy on its machinery is as follows: Full year's depreciation is taken in the asset's acquisition year . No depreciation is taken in the asset's disposition year Estimated life is 5 years under the straight-line method On June 30, 2016, Genie Company sold for P660,000 a machine acquired in March 1, 2012 for P880,000. The original estimated residual value was P80,000. The gain (loss) on the disposal is? 11. On September 1, 2016, one of Mad Hatter Company's delivery truck was destroyed in an accident. The carrying value of the truck was P125,000. On September 18, 2016 Mad Hatter Company received an invoice for a new engine installed in the truck in August 1, 2016 amounting to P65,000 and another receipt for various repairs made totaling to P35,000. In October Mad Hatter Company received P280,000 under its insurance policy on the truck which it plans to use to replace the truck. In October Mad Hatter Company received P280,000 under its insurance policy on the truck which it plans to use to replace the truck. QUESTION: The amount that Mad Hatter Company should report as gain in relation to the truck in its 2016 statement of profit or loss