What amount should be included as loss on disposal

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Question - The Angelbert Company accounts for non-current assets using the revaluation - On 30 June 2019 Angelbert classified a freehold property as held for sale in accordance with PFRS5. At that date the property's carrying amount was P290,000 and the balance on the revaluation reserve was P20,000. At that date its fair value was estimated at P330,000 and the costs to sell at P20,000. At 31 December 2019 the property's fair value was estimated at P325,000 and the costs to sell at P25,000.

If the asset was sold for a net proceeds of P285,000 in 2020, what amount should be included as loss on disposal in the entity's statement of comprehensive income for the year ended 31 December 2020?

Reference no: EM133088713

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