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At the beginning of the year, ABC acquired a trademark for P3M. The trademark has 8 years remaining in the legal life. It is anticipated that the trademark will be renewed in the future without a problem. At year-end, the trademark is assessed for impairment. Due to the decline of the economy, the trademark is expected to generate cash flows of just P120,000 annually. The useful life of the trademark still extends beyond the foreseeable future. The appropriate discount rate is 6%.
Problem 1: What amount should be recognized as an impairment loss on the trademark for the current year?
Option 1: P1,000,000
Option 2: P3,000,000
Option 3: P0
Option 4: P2,000,000
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