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Determine the amount of gain that included in the statement

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Reference no: EM132704431

On December 31, 2016, Mae Company's building has a carrying amount of P1,350,000. The net recoverable amount of the building at that date was P950,000. The building still has a remaining life of 8 years. The net recoverable amount of the building on December 31, 2019 is P640,000.

Question 1: Impairment included in the profit or loss section of the 2016 comprehensive income statement is

Question 2: Impairment included in the profit or loss section of the 2019 comprehensive income statement is

Question 3: Assuming that on December 31, 2021, the net recoverable amount of the building was higher than its carrying amount, determine the amount of gain that may be included in the statement of profit or loss.

Reference no: EM132704431

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