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Question - An equipment purchased by A Company on January 1, 2018 with a cost of P1,500,000 was originally estimated to have an estimated useful life of 12 years and a residual value of P150,000.
On December 31, 2020, it was determined that the equipment was impaired and it was estimated that the company can only generate net operating cash flows of P250,000 for 4 more years, at the end of which the asset can be sold for P100,000.
The equipment had a fair value of P1,200,000 on December 31, 2020 and the company would incur P150,000 to sell the asset to an interested buyer.
Required - Determine the amount of impairment loss reported in the 2020 statement of comprehensive income.
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