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How much revaluation impairment loss should be recognized

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Reference no: EM132999058

BTS Co. purchased land worth P20,000,000 on January 1, 2021. The company uses the revaluation model in accounting for its PPE. On December 31, 2021, an independent appraiser valued the land at P43,000,000. But on December 31, 2022, the land had a fair value of P8,000,000.

Problem 1: How much revaluation deficit/impairment loss should be recognized in the income statement on December 31, 2022?

Reference no: EM132999058

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