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Question - Covid Co. purchased four convenience store buildings on January 1, 2013 for a total of P22,000,000. The buildings have been depreciated using the straight-line method with a 20-year useful life and 5% residual value. As of January 1, 2020, Covid Co. has converted the buildings into Internet Learning Centers. Because of the change in the use of the buildings, Covid Co is evaluating the buildings for possible impairment. Covid estimates that the buildings have a remaining useful life of 10 years and that their residual value will be zero and net cash inflow from each building will be P500,000 per year and appropriate discount rate that reflects current market assessments of time value of money is 12%.
Present value of annuity or the discount rate for 10 periods is 5.65. The fair value less cost to sell of the four buildings is not clearly determinable.
What amount of impairment loss, if any, should be recognized?
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