Reference no: EM132683172
Robbins Company reported an impairment loss of P6,000,000 in the income statement for the year ended December 31, 2019. This loss was related to long-lived assets acquired on January 1, 2018 with cost of P30,000,000, useful life of 10 years and no residual value. On December 31, 2019, the entity reported the long-lived assets at P18,000,000 which is the fair value less cost of disposal on such date. On December 31, 2020, the company determined that the FVLCOD of the impaired long-lived assets had increased to P22,500,000. The straight-line depreciation is recorded for the impaired assets.
Question 1: What is the impairment loss for the year ended December 31, 2019?
Question 2: What is the depreciation for 2020?
Question 3: What is the gain on reversal of impairment in 2020?
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