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Question - TAKDER Co. purchased four convenience store buildings on January 1, 2014, 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, 2021, TAKDER Co. has converted the buildings into Internet Learning Centers. Because of the change in the use of the buildings, TAKDER Co. is evaluating the buildings for possible impairment.
The firm estimates that the buildings have a remaining useful life of 10 years, that their residual value will be zero and net cash inflow from each building will be P500,000 per year and the appropriate pre-tax discount rate that reflects current market assessments of time value of money is 12%.
Net selling price on the four buildings is not clearly determinable. What amount of impairment loss, if any, should be recognized?
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