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What is the recoverable amount of the asset

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Question - DEF Company purchased a building on January 1, 2018 for P10, 000,000. The building has been depreciated using the straight-line method with a 25-year useful life with no residual value. On December 31, 2021, DEF is evaluating the building for possible impairment. The building has a remaining useful life of 15 years and is expected to generate cash inflows of P700,000 per year. The applicable discount rate is 8%. Round off present value factor to two decimal places. The fair value of the building on December 31, 2021 is P5, 300,000. What is the recoverable amount of the asset?

Reference no: EM133005262

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