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What amount of impairment loss should the company recognize

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Reference no: EM132975083

Question - On January 1, 2020, a company purchased a machine with a cost of P3,672,000, a useful life of 8 years and no salvage value. The company uses straight-line depreciation.

At December 31, 2020, the company determines that impairment indicators are present. The fair value less cost to sell the asset is estimated to be P3,120,000. The asset's value-in-use is estimated to be P2,838,000. There is no change in the asset's useful life or salvage value.

Required - What amount of impairment loss should the company recognize?

Reference no: EM132975083

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