He Company owns land and building classified as investment property. The land and building is being leased out under operating leases. The company uses the fair value model for all its other investment property. Data relating to the land and building follows: Cost Land ---- P 10,000,000 - FV Dec. 31, 2020 P14,000,000 9,000,000 FV Dec. 31, 2021 --P15,500,000 9,500,000 FV Dec. 31, 2021 P 17,000,000 10,000,000 Building - 20,000,000 --- How much fair value gain should He company report in profit or loss for year 2021?
He Company owns land and building classified as investment property. The land and building is being leased out under operating leases. The company uses the fair value model for all its other investment property. Data relating to the land and building follows: Cost Land ---- P 10,000,000 - FV Dec. 31, 2020 P14,000,000 9,000,000 FV Dec. 31, 2021 --P15,500,000 9,500,000 FV Dec. 31, 2021 P 17,000,000 10,000,000 Building - 20,000,000 --- How much fair value gain should He company report in profit or loss for year 2021?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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