gain (loss) on the transfer
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:5. During the period, Entity A, government entity, decides to use as an office one of its building
that has previously been leased out under various operating leases on commercial basis.
Information on the investment property is as follows:
Investment property – Building
Accumulated depreciation
P1,000,000
800,000
At the date of change in use, the fair value of the investment property is P250,000. How
much is the gain (loss) on the transfer?
a. 50,000
b. (50,000)
c. 0
d. A transfer is prohibited.
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