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7. On December 31, 2016, Mae Company's building has a carrying amount of P1,350,000. The net recoverable amount of the building at that date was P950,000. The building still has a remaining life of 8 years. The net recoverable amount of the building on December 31, 2019 is P640,000. QUESTIONS: 1. Impairment included in the profit or loss section of the 2016 comprehensive income statement is? 2. Impairment included in the profit or loss section of the 2019 comprehensive income statement is? 3. Assuming that on December 31, 2021, the net recoverable amount of the building was higher than its carrying amount, determine the amount of gain that may be included in the statement of profit or loss. 8. Frankenstein Company has a group of machines having an aggregate carrying amount at December 31, 2016 of P1,230,000. Upon analysis, the following information about the future expected cash inflows and outflows based on the diminishing productivity expected of the machinery as it ages and the increasing cost that will be incurred to generate output from the machines: Year Revenues Costs, excluding (inflows) depreciation (outflows) 2017 750,000 280,000 2018 800,000 420,000 2019 650,000 550,000 2020 200,000 160,000 The selling price of the machinery was determined by reference to used machinery quotations from a well-known dealer. After deducting the estimated disposal costs, the net selling price is calculated as P845,000. The pre-tax discount rate and post-tax discount rate reflecting the specific risks of the machinery are 7% and 2% respectively. Use two decimal points. QUESTIONS: 1. The net recoverable amount of the machinery is 2. The amount of impairment loss is 9. Geppetto Company purchased a wood cutter on September 1, 2011 for P609,000. At the time of acquisition, the machine was estimated to have a useful life of 14 years and a residual value of P21,000. Geppetto Company has recorded depreciation under the straight-line method. On May 31, 2016, the wood cutter was sold for P420,000. QUESTION: The gain (loss) on the sale of the wood cutter is