MC15 The Emem Company acquired a building on January 1, 2022 for P18,000,000. At that date, the building had a useful life of 40 years. The fair value of the building was P20,000,000 at December 31, 2022. The building was appropriately classified as investment property and accounted for using the cost model. What amounts shall be presented in the statement of financial position at December 31, 2022 and recognized in profit or loss for the year then ended, respectively? P20,000,000 and PO P18,000,000 and PO P20,000,000 and gain of P2,000,000 P17,550,000 and expense of P450,000 a. b. с. d.

MC15 The Emem Company acquired a building on January 1, 2022 for P18,000,000. At that date, the building had a useful life of 40 years. The fair value of the building was P20,000,000 at December 31, 2022. The building was appropriately classified as investment property and accounted for using the cost model. What amounts shall be presented in the statement of financial position at December 31, 2022 and recognized in profit or loss for the year then ended, respectively? P20,000,000 and PO P18,000,000 and PO P20,000,000 and gain of P2,000,000 P17,550,000 and expense of P450,000 a. b. с. d.

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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