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On Jan. 1, 2021, Indigo Corporation bought equipment for P10,000,000. The equipment had a 5-year life expectancy and a 10% salvage value. The equipment was depreciated using the straight-line approach.
Indigo Corporation had doubt on the recoverability of the equipment's carrying value on Dec. 31, 2023. The discounted anticipated net future cash inflows associated to the ongoing use and eventual disposal of the equipment totaled P4,300,000 on Dec. 31, 2023. And, on Dec. 31, 2023, the fair value less costs to sell of the equipment is P4,500,000.
Problem 1: Find the carrying value of the equipment after any loss on impairment has been recognized.
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