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Question - On January 1, 2019 a company acquired and installed an oil rig. This was acquired at its fair value of P16,000,000 and the company incurred a total P1,600,000 to install and prepare the asset for its intended use.
The estimated useful life of the rig is 8 years and after which the company has an obligation to dismantle immediately. Initial estimate of the cash outflow to dismantle the rig is P400,000. The discount rate is 8%.
On January 1, 2021 the company revised the estimate to dismantle the rig to P560,000.
What is the carrying value of the oil rig immediately after the revised estimate was accounted for?
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