On April 30, 2020, Mindful Company classifies a property in Southern Tagalog as held for sale. The carrying amount of the property on this date is P300,000,000 (cost of P400,00,000, accumulated depreciation of P60,000,000 and accumulated impairment loss of P40,000,000). The estimate of the fair value less cost to sell on this date is P280,000,000.
On December 31, 2020, the estimate of the fair value less cost sell is P350,000,000. The sudden increase in the fair value is attributed to the increases in demand for properties in Southern Tagalog, when the region is earmarked as the Philippine Development Region by the government as the next phase for economic growth.
What is the amount of impairment loss on April 30, 2020?
What is the amount of impairment loss reversal on December 31, 2020?