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Question - On January 1, 2018, Gilgamesh Company purchased equipment with a cost of P11,000,000, useful life of 10 years and no residual value. The entity used straight line depreciation. At a year-end, the entity determined that impairment indicators are present. There is no change in the useful life or residual value. The following information is available for impairment testing at each year end: December 31, 2018 December 31, 2019 Fair value less cost of disposal 8,100,000 8,400,000 Value in 1 use 8,550,000 8,200,000.
1. What is the impairment loss for 2018?
2. What is the gain or reversal of impairment for 2019?
3. What is the depreciation for 2020?
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