On January 1, 2018, Lala Inc. acquired a factory equipment at a cost of P300,000. The equipment is being depreciated using the straight-line method over its projected useful life of 10 years. On December 31, 2019, a determination was made that the assets recoverable amount was only $192,000. On December 31, 2020, the assets recoverable amount was determined to be $222,000 and management believes that the impairment loss previously recognized should be reversed. Assume that the company uses the cost model in accounting for its PPE.

1. How much impairment loss should be recognized on December 31, 2019?

2. What is the assets carrying amount on December 31, 2020?

3. What would have been the assets carrying amount at December 20, 2020, had the impairment not been recognized in 2019?

4. How much impairment recovery should be reported in the 2020 profit and loss statement of Lala Inc.?