Reference no: EM132983851
The following calculation refers to a previous impairment loss suffered by Pink Inc. on December 31, 2013:
Goodwill Assets
Carrying amount P3,000,000 P9,000,000
Impairment loss (3,000,000) (2,000,000)
Adjusted carrying amount P0 P7,000,000
Problem 1: There has been a favorable change in the estimate of the recoverable amount of the assets. The recoverable amount is now P8,000,000 on December 31, 2014. The carrying amount of the assets would have been P9,200,000 on December 31, 2014 if there was no impairment loss recognized on December 31, 2013. Assets are depreciated using a declining balance method at a rate of 20% per annum. What gain on reversal of impairment should be recognized in 2014?
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