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What amount should be recognized as impairment loss

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Question - Broadway Company purchased a building on January 1, 2020 for P10,000,000. The building has been depreciated using the straight-line method with a 25-year useful life and no residual value. On December 31, 2023, Broadway is evaluating the building for possible impairment. The building has a remaining useful life of 15 years and is expected to generate cash inflows of P700,000 per year. The present value of an ordinary annuity of 1 at 8% for 15 periods is 8.56. The fair value of the building on December 31, 2023 is P5,300,000. What amount should be recognized as impairment loss on December 31, 2023?

Reference no: EM132600114

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