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are not bom great, they grow great. - Marlo Puma Question 30 1 pts An equipment purchased by A Company on January 1, 2016 with a cost of P2,500,000 was originally estimated to have an estimated useful life of 10 years and residual value of P150.000. a On December 31, 2020, it was determined that the equipment was impaired and it was estimated that the company can only generate net operating cash flows of P300,000 for 5 more years, at the end of which the asset can be sold for P150,000 The equipment had a fair value of P1,200,000 on December 31, 2020 and the company would incur P150,000 to sell the asset to an interested buyer. On December 31, 2021, the fair value of the asset was P1,180,000 and costs to sell was P100,000 Effective discount rate is 11%. Determine the amount of gain on reversal of impairment loss reported in the 2021 statement of comprehensive income. O 143,500 101.200 113.500 131.200 Previous Next