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Coachwhip Corporation purchased a machinery on January 1, 2022 for P5,000,000. The same had an...

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Coachwhip Corporation purchased a machinery on January 1, 2022 for P5,000,000. The same had an expected useful life of 8 years. Straight line depreciation method is in place for similar items. On January 1, 2024, the asset is appraised as having a sound value of P4,500,000. On January 1, 2027, the asset had a recoverable value of P1,375,000. How much is the loss on impairment should be recognized on January 1, 2027

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