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What is the impairment loss that the company must report

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Reference no: EM133140084

Question - YOU CAN DO IT Corporation has equipment with a carrying value of 450,000 on December 31, 2021. The following information was available on December 31, 2021:

Expected net cash flows (undiscounted)- P420,000

Expected net cash flows discounted at 7%- P400,000

Fair value, using the assets with other assets- P415,000

Fair value, assuming the assets are sold stand-alone- P428,000

Required - What is the impairment loss that the Company must report in its 2021 income statement for this equipment?

Reference no: EM133140084

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