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What amount should be recognized as gain on reversal

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Reference no: EM133130319

Question - On April 1, 2022, Tulfo Co. has a machine with a cost of P2,500,000 and accumulated depreciation of P1,500,000, On the same date, the company classified the machine as held for sale in accordance with PFRS 5 and decided to sell the machine within 1 year. On the same date, the machine had an estimated selling price of P890,000 and remaining useful life of 2 years. It is estimated that selling cost associated with the disposal of the machine will be P25,000. On December 31, 2022, the estimated selling price of the machine had increased to P930,000 with estimated selling cost of P30,000. What amount should be recognized as gain on reversal of impairment for the year ended December 31, 2022?

Reference no: EM133130319

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