The Verba Company accounts for non-current assets using the revaluation model.  On 30 June 2020, Verba classified a freehold property as held for sale in accordance with PFRS5.  At that date the property's carrying amount was P290,000 and the balance on the revaluation reserve was P20,000.  At that date its fair value was estimated at P330,000 and the costs to sell at P20,000.  At 31 December 2020 the property's fair value was estimated at P325,000 and the costs to sell at P25,000.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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The Verba Company accounts for non-current assets using the revaluation model.  On 30 June 2020, Verba classified a freehold property as held for sale in accordance with PFRS5.  At that date the property's carrying amount was P290,000 and the balance on the revaluation reserve was P20,000.  At that date its fair value was estimated at P330,000 and the costs to sell at P20,000.  At 31 December 2020 the property's fair value was estimated at P325,000 and the costs to sell at P25,000.

 

What amount should be included as an impairment loss in Verba's profit or loss for the year ended 31 December 2020?

 
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