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What amount should be reported as impairment loss

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Question - On December 31, 2020, Bergs Company classified its building with a carrying amount of 4,000,000 and fair value less cost to sell of 3,300,000 as held for sale. Consequently, an impairment loss of 700,000 was recognized on that date. The building was not sold in 2021. However, the exception to the one-year requirement was met. On December 31, 2021, the fair value less cost to sell of the building is 3,100,000. What amount should be reported as impairment loss for 2021?

Reference no: EM133188197

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