On January 1, 20x1, FALLACIOUS MISLEADING Co. acquired a building for ₱4,000,000. The asset is depreciated using the straight line method over an estimated useful life of 10 years. On January 1, 20x6,...

On January 1, 20x1, FALLACIOUS MISLEADING Co. acquired a building for ₱4,000,000. The asset is depreciated using the straight line method over an estimated useful life of 10 years.

On January 1, 20x6, the building was estimated to have a recoverable amount of ₱1,600,000. Consequently, impairment loss was recognized on that date. There was no change in the estimated useful life.

On January 1, 20x9, the building was estimated to have a new recoverable amount of ₱2,400,000 and a remaining useful life of 3 years.

The building is measured under the cost model.

1. How much of the impairment reversal is recognized in profit or loss?


2. How much of the impairment reversal is recognized in equity?