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What the gain on reversal of impairment is

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Reference no: EM133002444

Black Company bought equipment for P10,000,000 on Jan. 1, 2021, with a usable life of 10 years and no residual value. Straight-line depreciation was utilized by the company. The company has determined, on December 31, 2021 and Dec. 31, 2022, that impairment indications are present. The useful life or residual value remain unchanged.

                                                             Dec. 31, 2021                    Dec. 31, 2022

Fair value less cost to disposal            P8, 100,000                   P8,300,000

Value in use                                       8,550,000                    8,200,000

Problem 1: For 2022, the gain on reversal of impairment is?

Reference no: EM133002444

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