On November 1, 2021, a fire totally destroyed the building of ABC Company. The building cost of P2,000,000 and a carrying amount of P1,200,000 as of the date of the fire. A P1,000 claim was filed on November 15, 2021. On January 5, 2022, after due investigation, it was ABC is free of negligence and the insurance company agreed to pay ABC the P1,000,000 in 9. Prepare the entry on November 1, 2021, to record the impairment of the building. 

10. Prepare the entry on January 5, 2022, to record the insurance claim.

Answer rating: 100% (QA)

9The entry on November 1 2021 to record the impairment of the building is Loss on Impairment P800000 ... View the full answer