Question: show solution For items 9 and 10, please refer to the following information: On November 1, 2021, a fire totally destroyed the building of ABC

show solution For items 9 and 10, please refer to the

show solution

For items 9 and 10, please refer to the following information: On November 1, 2021, a fire totally destroyed the building of ABC Company. The building has a historical cost of P2,000,000 and a carrying amount of P1,200,000 as of the date of fire. A P1,000,000 insurance claim was filed on November 15, 2021. On January 5, 2022, after due investigation, it was found out that ABC is free of negligence and the insurance company agreed to pay ABC the P1,000,000 insurance policy. 9. Prepare the entry on November 1, 2021 to record the impairment of the building. (5 pts.) 10. Prepare the entry on January 5, 2022 to record the insurance claim. (5 pts.)

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