THIS IS PHILIPPINE GAAP

On January 1, 2020 Bearhugs Co. acquired a building for P5,000,000 The building has a useful life of 10 years at acquisition. Bearhugs elected the use of revaluation model. On December 31, 2020 the building has a fair value of P45600000. On December 31, 2021 the building has a fair value of P 3,900,000. Requirement: 1. Prepare the journal entries in 2020 8: 2021 related to the machine. On January 1, 2017, Aiai Mari Company purchased equipment with a cost of P10,000,000, useful life of 10 years and no residual value. The entity used cost model 8: straight line depreciation. On December 31, 2017 and December 31, 2018, the entity determined that impairment indicators are -resent. There is no chan e in useful life or residual value. December 31 2017 December 31 2018 Fair value less cost of di nosal P 3.100.000 P 8,300,000 a 550 000 3 200 000 Requirements: 1. What is the impairment loss for 2017? 2. What is the gain on reversal of impairment for 2018? 3. What is the depreciation for 2019? Vadim Company has two CGU. At year-end, the carrying amount of the assets of one CGU are: Cash P 4,000,000 Accounts receivable 6,000,000 Allowance for doubtful accounts 1,000,000 Inventory 7,000,000 Property, plant and equipment 22,000,000 Accumulated depreciation 4,000,000 Goodwill 3,000,000 Accounts payable 2,000,000 Loans payable 1,000,000 The entity determined that the value in use of the cash generating unit is P 30,000,000. The accounts receivable are considered collectible, except those considered doubtful. Requirement: 1. Compute the impairment loss of goodwill 2. Compute the impairment loss of inventory 3. Compute the impairment loss of property, plant and equipment