PROBLEM #11 LL Company reported an impairment loss of P2,000,000 in the income statement for the year ended December 31, 2019. This loss was related to long-lived assets acquired on January 1, 2018 with cost of P10,000,000, useful life of 10 years and no residual value. On December 31, 2019, the entity reported the long-lived assets at P6,000,000 which is the fair value less cost of disposal on such date. On December 31, 2020, the entity determined that the fair value less cost of disposal of the impaired long-lived assets had increased to P7,500,000. The straight line depreciation is recorded for the impaired assets. REQUIRED: Prepare journal entry to record the following: 1. Depreciation for 2018 2. Depreciation for 2019 3. Impairment loss for the year ended December 31, 2019 4. Depreciation for 2020 5. Gain on reversal of impairment in 2020