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How much is the recovery of impairment loss

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Question - Del Rosario Corporation has government bonds classified as held-for-collection at December 31, 2018. These bonds have a par value of P600,000, an amortized cost of P600,000, and a fair value of P555,000. In evaluating the bonds, Del Rosario determines the bonds have a P45,000 permanent decline in value. That is, the company believes that impairment accounting is now appropriate for these bonds. At December 31, 2019, the fair value of the municipal bonds is P570,000. How much is the recovery of impairment loss, if any?

Reference no: EM133081392

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