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Find what amount recognized as gain on reversal

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Problem 1: On April 1, 2019, Rosa Company has a machine with a cost of P1,000,000 and accumulated depreciation of P750,000. On April 1, 2019, the entity classified the machine as held for sale and decided to sell the machine within 1 year. On April 1, 2019, the machine had an estimated selling price of P100,000 and a remaining useful life of 2 years. It is estimated that selling cost associated with the disposal of the machine will be P10,000. On December 31, 2019, the estimated selling cost price of the machine has increased to P150,000 with estimated selling cost of P20,000. What amount should be recognized as gain on reversal of impairment on December 31, 2019?

Reference no: EM132727719

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