On January 1, 2019, Mani Corp. has a machine having a useful life of 10 years with the following cost and accumulated depreciation. The company uses straight-line method in depreciating its equipment. machine P2,500,000 Accumulated depreciation 750,000 Due to physical damage and obsolescence, the equipment is found to be impaired on December 31, 2019. Mani Corp. has determined the following: Fair value of the machine less cost to sell P1,125,000 Discounted cash flows of the machine 1,250,000 Undiscounted cash flows of the machine 1,550,000 How much is the impairment loss to be reported on December 31, 2019