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What amount should be reported as gain

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Question - On July 1, 2021, Whiskey Company had an equipment with cost of P5,000,000 and accumulated depreciation of P3,000,000. On that date, the entity classified the equipment as held for sale. On same date, the equipment had an estimated selling price of P1,300,000, estimated selling cost of P100,000 and remaining life of 4 years. On December 31, 2021, the estimated selling price of the equipment had increased to P1,500,000 with estimated selling cost of P50,000. What amount should be reported as gain on reversal of impairment in 2021?

Reference no: EM133144925

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