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How much of impairment loss should be recognized in profit

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Reference no: EM132983853

Problem 1: Black Company bought land in 2018 at a cost of P300,000. In 2021, the land was revalued to P350,000 and in 2024 it was revalued again to P400,000. At the end of 2027, the land had a value in use of P270,000 and the fair value less costs of disposal was P285,000. How much of the impairment loss should be recognized in profit or loss?

Reference no: EM132983853

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