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What is the amount of impairment loss recovery

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Q1) During 2019, Pink Corp. purchased 20,000 shares of White Corp. common stock for P315,000 as an equity investment at FVTPL. The fair value of these shares was P300,000 on December 31, 2019. Sisig Corp. sold all of the White stock for P17 per share on February 3, 2020, incurring P14,000 in brokerage commissions. Pink Corp. should report a net realized gain/loss on the sale of stocks in 2020 amounting to?

Q2) On April 30, 2020, Black Corp. classifies a property in Eastern Visayas as held for sale. The carrying amount of the property as of this date is P300,000,000 (cost of P400,000,000, accumulated depreciation of P60,000,000, and accumulated impairment loss of P40,000,000). The estimate of the fair value less cost to sell on this date is P280,000,000. On December 31, 2020, the estimate of the fair value less cost to sell is P350,000,000. The sudden increase in the fair value is attributed to the increase in demand in Eastern Visayas. What is the amount of impairment loss recovery on December 31, 2020?

Reference no: EM132935378

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