What is the impairment loss recognized in accounts on dec

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On July 1, 2016, Del Torro Corp. purchased computer equipment at a cost of P360,000. This equipment was estimated to have a six-year life with no residual value and was depreciated by the straight-line method. On December 31, 2018, Del Torro determined that this equipment could no longer process data efficiently, that its value had been permanently impaired, and that P70,000 could be recovered over the remaining useful life of the equipment.

Problem 1: What is the impairment loss recognized in the accounts on December 31, 2018?

Problem 2: What is the asset's carrying amount at December 31, 2019?

Reference no: EM132674978

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