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What amount should be reported as impairment loss

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Question - On December 31, 2019, Dede Company has an equipment with the following cost and accumulated depreciation:

Equipment P9,000,000

Accumulated depreciation 3,000,000

Due to obsolescence and physical damage, the equipment is found to be impaired. On December 31, 2019, Dede has determined the following related to the equipment:

Fair value less cost to sell P4,500,000

Value in use or discounted net cash in?ows 4,000,000

Required - What amount should be reported as impairment loss for 3019?

Reference no: EM133043979

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