As of December 31, 2022, 380 lots were sold and the market value of each lot had increased to P270,000. On this date, the company decided to transfer the remaining unsold lots into investment property that is to be carried under the fair value model. What amount of gain should San Jose Realty recognize as a result of the transfer from inventory to investment property? P5,400,000 P4,500,000 P4,050,000 P1,350,000 a. b. C. d.
As of December 31, 2022, 380 lots were sold and the market value of each lot had increased to P270,000. On this date, the company decided to transfer the remaining unsold lots into investment property that is to be carried under the fair value model. What amount of gain should San Jose Realty recognize as a result of the transfer from inventory to investment property? P5,400,000 P4,500,000 P4,050,000 P1,350,000 a. b. C. d.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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