C e.edim.co/1964 1 / 1 100% cRBM66GejCBT9TB.pdf + 5. Lobo Company reported an impairment loss of P2,000,000 in 2012. This loss was related to an item of property, plant & equipment which was acquired on January 1, 2011 with cost of P10,000,000, useful life of 10 years with no residual value. On December 31, 2012, the entity reported this asset at P6,000,000 which is the fair value on such date. On December 31, 2013 the entity determined that the fair value of the impaired asset had increased to P7,500,000. The straight line method is used in recording depreciation. What amount of gain on reversal of impairment should be report In 2013 income statement? A. 2,250,000 1,500,000 B. 1,750,000