Question: Question 4 ( 3 ) On 1 January 2 0 1 0 a building was purchased for P 2 4 0 , 0 0 0

Question 4(3)
On 1 January 2010 a building was purchased for P240,000. At that date its useful life was 50 years. On 1 January 2014 it was revalued to P460,000 with no change in estimated useful life. On 31 December 2015 the building was sold for P500,000.
Calculate the profit on disposal?

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