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On January 2, 2002, Beige Company has completed the construction of a building for a total cost of P15,000,000. The building is to be depreciated on a straight-line basis over its estimated useful life of 50 years. On January 2, 2017, Beige converted the building into a commercial establishment with only minor renovation costs incurred. In consultation with an appraiser, the building's sound value as of January 1, 2017 was P14,700,000. In January 1, 2018, due to a sudden change in the economic environment, Beige is evaluating possible impairment. A reliable estimate revealed that the building has a remaining useful life of 10 years and will provide a total net cash inflow of P1,500,000 per year. The discount rate is 10%. Problem 1: What is the amount of impairment loss, if any, on January 1, 2018?
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