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What amount should be recognized as impairment loss

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Problem 1: On January 1, 2019, Haing Ngor Company owned a machine having a carrying amount of P4,800,000. The machine was purchased four years earlier for P8,000,000. The entity used straight line depreciation. During December 2019, the entity determined that the machine suffered impairment of the operational value and will not be economically useful in the production process after December 31, 2019. The entity sold the machine for P1,300,000 on January 5, 2020.In the income statement for the year ended December 31, 2019, what amount should be recognized as impairment loss?

Reference no: EM132674939

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