Question

Lala Company accounts for noncurrent assets using the cost model. On October 1, 2019, Lala classified a noncurrent asset held for sale. At that date, the asset’s carrying amount was P1,600,000, its fair value was estimated at P1,100,000 and the cost to sell at P100,000. On December 15, 2019, the asset was sold for net proceeds of P925,000. What amount should be included as an impairment loss in Lala’s statement of comprehensive income for the year ended December 31 ,2019?

Answer 1

3,525,000

Hope this helps! Good luck! :)

Answer 2

you add 1,600,000 + 1,100,000=2,700,000 - 100,000=2,600,000+925,000= your finally answer is 3,525,000

Step-by-step explanation: