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Cristel Company purchased equipment for P800,000 on January 1, 2023 with a useful life of 10 years and no residual value. On December 31, 2024, the entity classified the equipment as held for sale. The fair value of the equipment on December 31, 2024 was P600,000 and the cost of disposal P20,000. On December 31, 2025, the entity believed that the criteria for classification as held for sale can no longer be met. On such date, the fair value of the equipment was P500,000 and the cost of disposal was P10,000. The value in use was determined to be P550,000. Accordingly, the entity decided not to sell the asset but to continue to use it.
Problem 1: What is the impairment loss to be recognized on December 31, 2024? _____
Problem 2: What amount should be recognized in profit or loss as a result of the reclassification in 2025?
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