Question: THRALL SLAVE Co. uses the installment method. Information on installment sales in 20x1 and 20x2 is shown below: Sales Cost of sales Gross profit

THRALL SLAVE Co. uses the installment method. Information on installment sales in

THRALL SLAVE Co. uses the installment method. Information on installment sales in 20x1 and 20x2 is shown below: Sales Cost of sales Gross profit rate 20x1 20x2 Installment receivable - 20x2 400,000 640,000 320,000 448,000 20% 30% Installment receivable 20x1 180,000 60,000 288,000 During 20x2, THRALL Co. repossessed a property which was sold in 20x1 for P40,000. Prior to repossession, P10,000 were collected from the i resale price of the repossessed property was P34,000 after reconditioning costs of P6,000. How much is the gain or loss on repossession?

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