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What amount of impairment loss should mm co recognize

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Reference no: EM132894072

Problem 1: MM Co. operates an oil platform in the sea. The firm has received an offer to buy the oil platform for P32,000,000 and the cost to sell would be P6,000,000. The value-in-use of the oil platform is approximately P28,000,000. The carrying value of the oil platform is P40,000,000. What amount of impairment loss should MM Co. recognize in relation to the oil platform?

a) P0
b) P8,000,000
c) P10,000,000
d) P12,000,000
e) answer not given

Reference no: EM132894072

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