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What amount should be recognized as impairment loss

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Reference no: EM132662752

Question - On January 1, 2019, Leah Company owned a machine having a carrying amount of P2,400,000. The machine was purchased four years earlier for P4,000,000. The straight line depreciation is used. During December 2019, the entity determined that the machine suffered permanent impairment and will not be economically useful after December 31, 2019. The entity sold the machine for P650,000 on January 5,2020. What amount should be recognized as impairment loss in 2019?

A. 0

B. 1,350,000

C. 1,750,000

D. 2,000,000

Reference no: EM132662752

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