The property had been acquired on January 1, 2020 for a totalof P7,600,000, made up of P6,900,000 paid to the vendor,P300,000 paid to the local authority as a property transferreporting period. One investment property had a fair valueinvestment property is fair value model at the end of eachParadise Company's accounting policy with respéct toreporting period. One investment property had a fair chof P8,000,000 on December 31, 2020.The property had been acquired on January 1, 2020 for a totaof P7,600,000, made up of P6,900,000 paid to the vendotax and P400,000 paid to professional advisers. The uselife of the property is 40 years.What is the gain to be recognized for 2020 in respect of theinvestment property?

Cost of Investment property include: Purchase price Transfer taxes Professional fees

investment property is fair value model at the end of each Paradise Company's accounting polie of P7,600,000, made up of P6,900,000 paid to the vendor, The property had been acquired on January 1, 2020 for a total P300,000 paid to the local authority as a property transfer reporting period. One investment property had a fair value respect to of P8,000,000 on December 31, 2020. The property had been acquired on January 1, 2020 for a tsa of P7,600,000, made up of P6,900,000 paid to the vend tax and P400,000 paid to professional advisers. The usef life of the property is 40 years. What is the gain to be recognized for 2020 in respect of the investment property?

investment property is fair value model at the end of each Paradise Company's accounting polie of P7,600,000, made up of P6,900,000 paid to the vendor, The property had been acquired on January 1, 2020 for a total P300,000 paid to the local authority as a property transfer reporting period. One investment property had a fair value respect to of P8,000,000 on December 31, 2020. The property had been acquired on January 1, 2020 for a tsa of P7,600,000, made up of P6,900,000 paid to the vend tax and P400,000 paid to professional advisers. The usef life of the property is 40 years. What is the gain to be recognized for 2020 in respect of the investment property?

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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