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Question - GHYZ Company reported an impairment loss of P200,000 in its statement of comprehensive income for the year ended December 31, 2020. This loss was related to noncurrent asset which GHYZ currently used in its operations. On December 31, 2020, GHYZ reported the noncurrent asset after impairment at P1,000,000 and estimated that the noncurrent asset would still be used for another five years regardless of whether the impairment was recognized or not. GHYZ used the straight-line depreciation with no residual value. On December 31, 2021, GHYZ determined that the fair value of its impaired noncurrent asset had increased by P50,000 over its fair value on December 31, 2020. In the 2021 statement of comprehensive income, what amount should be reported as gain on the reversal of the impairment loss?
What is the effective tax rate your company paid as a percentage of its net income? Discuss whether your company has engaged in tax avoidance
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