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Problem 1: On December 31, 2019, a manufacturing plant with a carrying amount of P40,000,000 (cost of P50,000,000 less accumulated depreciation of P10,000,000) was tested for impairment. An impairment loss of P12,000,000 was recognized and the basis of the recoverable amount was the estimated fair value less costs to sell of P28,000,000. The plant had a remaining useful life of 10 years. On December 31, 2021, there are indications that the impairment loss recognized in 2019 may be reversed. The value in use is estimated at P35,000,000 while the fair value less costs to sell is estimated at P30,000,000. What is the amount of impairment reversal should be recognized on December 31, 2021?
a. none
b. P 9,600,000
c. P2,400,000
d. P12,000,000
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please see attached
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