On January 1, 2016, Walton Company purchased a machine for P2,000,000 and established an annual straight line depreciation rate of 10% with no residual value. During 2019, the entity determined that the machine will not be economically useful for production process after December 31, 2019. The entity estimated that the machine had no residual value on December 31, 2019 and would be disposed of early 2020 at a cost of P50,000. In the income statement for the year ended December 31, 2019, what amount of impairment loss should be reported for the machine?

A. P50,000B. P1,000,000C. P1,050,000D. P1,250,000