Me Company owns land and building being used for its operations. Data relating to the land and building at January 1, 2021 follows: Land Building Cost P 10,000,000 Accumulated depreciation - P 20,000,000 13,500,000 9,000,000 Fair Value 14,000,000 On this date the company decided to vacate the land and building and reclassify the assets to investment property. The company uses the fair value model for all its other investment property. What amount of fair value gain should the company report in profit or loss resulting from reclassifying its land and building to investment property?

Me Company owns land and building being used for its operations. Data relating to the land and building at January 1, 2021 follows: Land Building Cost P 10,000,000 Accumulated depreciation - P 20,000,000 13,500,000 9,000,000 Fair Value 14,000,000 On this date the company decided to vacate the land and building and reclassify the assets to investment property. The company uses the fair value model for all its other investment property. What amount of fair value gain should the company report in profit or loss resulting from reclassifying its land and building to 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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