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How much should Youth report as carrying value of machine

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Question - On July 1, 2020, Youth Corporation purchased a machine at a cost of P300,000. This machine was estimated to have a useful life of 5-years with no salvage value and was depreciated using the straight-line method. On January 2, 2023, Youth determined that this machine could no longer work efficiently, that its value had been permanently impaired, and that P90,000 could be recovered over the remaining useful life of the machine.

In its December 31, 2021 statement of financial position, how much should Youth report as carrying value of the machine?

Reference no: EM133053435

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