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What the income statement will report loss on impairment of

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Problem 1: On January 1, 2020, Pooner Inc. purchased equipment with a cost of P4,668,000 a useful life of 15 years and no salvage value. The company uses straight-line depreciation. At December 31, 2021, the company determines that impairment indicators are present. The fair value less cost to sell the asset is estimated to be P3,600,000. The asset's value-in-use is estimated to be P3,690,000. There is no change in the asset's useful life or salvage value. The 2021 income statement will report Loss on Impairment of

a. P0

b. P290,000

c. P200,000

d. P355,600

Reference no: EM132961109

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