The following calculation refers to an impairment

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40. The following calculation refers to an impairment loss suffered by Bran Company on December 31, 2014: Goodwill Net assets Carrying amount 4,500,000 13,500,000 Impairment loss (4,500,000) (3,000,000) Adjusted carrying amount - 10,500,000 There has been a favorable change in the estimate of the recoverable amount of the net assets. The recoverable amount is now P12,000,000 on December 31, 2015. The carrying amount of the net assets on December 31, 2015 would have been P10,800,000 if there was no impairment loss recognized on December 31, 2014. Assets are depreciated at 20% of reducing balance. What gain on reversal of impairment loss should be recognized in 2015? - - E N D - -
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