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What amount should be recognized as impairment loss

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Question - Listless Company acquired equipment on January 1, 2019 for P5,000,000. The equipment had a 10-year useful life and no residual value. Cm December 31, 2020, the following information was obtained:

Expected value of undiscounted cash flows 3,600,000

Fair value estimated with in-use premise 3,700,000

Fair value estimated with in-exchange premise 3,500,000

Required - What amount should be recognized as impairment loss for 2020?

A. 0

B. 300,000

C. 400,000

D. 500,000

Reference no: EM132662759

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