On August 1, 2011, Wei Inc. purchased a license with a cost of P8,424,000 and...
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On August 1, 2011, Wei Inc. purchased a license with a cost of P8,424,000 and a useful life of 10 years. At December 31, 2013, when the carrying value of the asset was P6,388,200, the company determined that impairment indicators were present. The fair less costs to sell the license was estimated to be P5,909,120. The asset's value-in-use is estimated to be P6,084,000. Wei's 2013 income statement will report Loss on Impairment of
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