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Find what should company record as impairment loss on july

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Reference no: EM133003492

On Jan. 1, 2011, Yellow Company paid P400,000 for a machine. The machine was anticipated to have a P40,000 salvage value and a 20 yrs. life expectancy.

On July 1, 2021, the business assessed the machine's potential and concluded that its undiscounted future net cash flows were P200,000 and its discounted future net cash flows were P140,000.

Problem 1: What should the company record as an impairment loss on July 1, 2021, if there is no active market for the machine and the firm has no plans to dispose of it?

Reference no: EM133003492

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