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How much shall be credited to the inventory account

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Question - An entity has determined that its fine China Division is a cash generating unit. The entity calculated the value in use of the division to be P8,000,000. The assets of the CGU at carrying amount are as follows:

Building 5,000,000 Equipment 3,000,000

Inventory 2,000,000 Goodwill 1,000,000

The entity has also determined that the fair value less cost to sell of the building is P4,200,000. In recording the impairment loss, how much shall be credited to the Inventory account?

Reference no: EM133049703

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