Glorious & Magnified Company acquired a building on January 1, 2023 for P22,500,000. On that date, the building had a useful life of thirty years. On December 31, 2023, the fair value of the building was P24,000,000. In 2024 and 2025, the fair values are P24,500,000 and P25,000,000, respectively. The building was classified as an investment property and accounted for under the cost model. 1. What amounts should be carried in the statement of financial position in 2025? a. 24,250,000 b. 23,750,000 C. 21,000,000 Ⓐ. 20,250,000 2. If the fair value model is used how much is the gain or (loss) in fair value to be reported in profit or loss statement in 2025? a. 2,500,000 b. 2,000,000 C. 500,000 d. -500,000

Glorious & Magnified Company acquired a building on January 1, 2023 for P22,500,000. On that date, the building had a useful life of thirty years. On December 31, 2023, the fair value of the building was P24,000,000. In 2024 and 2025, the fair values are P24,500,000 and P25,000,000, respectively. The building was classified as an investment property and accounted for under the cost model. 1. What amounts should be carried in the statement of financial position in 2025? a. 24,250,000 b. 23,750,000 C. 21,000,000 Ⓐ. 20,250,000 2. If the fair value model is used how much is the gain or (loss) in fair value to be reported in profit or loss statement in 2025? a. 2,500,000 b. 2,000,000 C. 500,000 d. -500,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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