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What amount should be included as an impairment loss

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Reference no: EM132817733

Problem 1: Diana Company accounts for noncurrent assets using the cost model on October 1, 2018, the entity classified a noncurrent asset as held for sale. At that date, the carrying amount was P3,200,000, the fair value was estimated at P2,200,000 and the cost of disposal at P200,000. On December 15,2018 the asset was sold for net proceeds of P1,850,000. What amount should be included as an impairment loss in the statement of comprehensive income for the year ended December 31, 2018?

a. 1,000,000

b. 1,200,000

c. 1,350,000

d. 0

 

Reference no: EM132817733

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