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What amount of impairment loss on receivable should matt

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Matt Corporation had a specific receivable from a customer in the amount of P600,000 as of December 31, 2019. In 2020, the customer informed Matt Corporation that servicing of its payable will be made once there is a significant improvement in their financial capabilities. Since there are no available historical data relating to similar borrowers, Matt Corporation uses its experienced judgment to estimate the amount of impairment loss. Reasonable estimate revealed that the fair value of the receivable as of December 31, 2020 represents 40% of the outstanding receivable.

Problem 1: What amount of impairment loss on its receivable should Matt report for 2020?

Reference no: EM132775003

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