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How much recovery of impairment loss should be reported

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Question - On January 1, 2021, Redmon Company, an SME, had an investment in bonds recognized at FVOCI with a carrying amount of P700,000. During the year, the entity determined the bonds have decreased in value to P600,000. It was determined that this is a permanent loss in value. During 2022, events and economic conditions have changed such that the impairment loss has decreased. The fair value of the bonds is now P708,000. How much recovery of impairment loss should be reported in the income statement for 2022?

Reference no: EM133139657

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