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Question - Arlene Company accounted for the noncurrent asset using the cost model. On October 30, 1010, the entity classified an equipment as held for sale. At that date, the carrying amount of the equipment was at P1,500,000, the fair value was estimated at P 1,100,000 and the cost of disposal at P150,000. On December 31, 2020, the equipment was sold for met proceeds of P800,000. What amount should be reported as impairment loss for 2020? What amount should be recognized as loss on disposal for 2020?
a. 550,000
b. 700,000
c. 150,000
d. 0
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