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What amount should be recorded as impairment loss

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Problem 1: On January 1, 2019, Miklos Company purchased a patent with a cost of P10,400,000 and a useful life of 10 years. On December 31, 2020, the company determined that impairment indicators were present. The FVLCOD of the patent was estimated to be P7,200,000 while the VIU is estimated at P7,600,000. What amount should be recorded as impairment loss for 2020?

Reference no: EM132725567

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