How much loss on sale is to be recognized on january

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Question - On January 2, 2021, Tall company classified non-current asset with a carrying amount of P2,400,000 as held for sale. On this date, the asset is expected to be sold for P2,300,000 with expected cost to sell of P100,000. By December 31, 2021, the asset's fair value is P2,400,000 with estimated disposal cost of P50,000. On January 10, 2022, the asset was sold for P2,200,000 with cost to sell amounting to P35,000. How much loss on sale is to be recognized on January 10, 2022?

Reference no: EM133188527

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