Reference no: EM132674964
On January 1, 2019, Washington Company purchased equipment with a cost of P22,000,000, useful life of 10 years and no residual value. The entity used straight line depreciation. At every-year end, the entity determined that impairment indicators are present. There is no change in the useful life or residual value.
The following information is available for impairment testing at each year end:
Dec 31, 2019 FVLCOD 16,200,000; VIU 17,100,000 ;
Dec 31, 2020 FVLCOD 16,800,000; VIU 16,400,000
Problem 1. What is the impairment loss for 2019?
Problem 2. What is the gain on reversal of impairment for 2020?
Problem 3. What is the depreciation for 2021?
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