Reference no: EM132974458
Question - On December 31, 2019, a manufacturing plant with a carrying amount of P4,000,000 (cost of P5,000,000 less accumulated depreciation of P1,000,000) was tested for impairment. An impairment loss of P1,200,000 was recognized and the basis that the recoverable amount was the estimated fair value less costs to sell of P2,800,000. The plant had a remaining useful life of 5 years.
On December 31, 2021, there are indications that the impairment loss recognized in 2019 may be reversed. The value in use is estimated at P3,500,000 whilst the fair value less costs to sell is estimated at P3,000,000.
Find the amount of impairment reversal should be recognized on December 31, 2021?
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