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Chuck Company operates an oil platform at the Pacific Ocean. An oil platform was built...

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Accounting

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Chuck Company operates an oil platform at the Pacific Ocean. An oil platform was built by the Company at a cost of P25,000,0000 on January 1, 2011, the present value of expected restoration costs at that time was P5,000,000. The oil platform has an estimated useful life of 20 years, with no residual value. On December 31, 2020, the Company was offered P18,000,000 to sell the platform. The selling costs would be P2,500,0000. The value in use of the platform is P13,000,000 How much is the impairment loss for the year 2020? 500,000 2.500,000 2,000,000 None

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