with carrying amount of P1,000,000 as noncurrent asset held for sale. All the conditions in PFRS 5 are met. The fair value of the equipment is P1,000,000 and the costs to sell are P50,000. 9. At the start of the year, Ancing Corp. classified its equipment with carrying amount of P1,000,000 as noncurrent asset hela for sale. All the conditions in PFRS 5 are met. The fair value of the equipment is P1,000,000 and the costs to sell are P50.00 Ancing had expected this decline to reverse in the third quarter, and in fact, the third quarter recovery exceeded the previous decline by P10,000. Ancing's noncurrent asset held for sale did not experience any other declines in value durine the fiscal year. What amounts of loss and/or gain should Ancing report in its interim financial statements for the firs and third quarters? First quarter Third quarter a. 0. 10,000 gain 50,000 gain 60,000 gain b. 50,000 loss 50,000 loss С. d. (Adapted)

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