On December 31, 2020, IVORYInc.’s investment in real property has a carrying value of P10,000,000 accounted for under the fair value model, before considering market value adjustment. The fair market value of the asset on December 31, 2020, is P6,500,000. How much should be the gain or loss on changes in fair value?

On December 31, 2020, IVORYInc.’s investment in real property has a carrying value of P10,000,000 accounted for under the fair value model, before considering market value adjustment. The fair market value of the asset on December 31, 2020, is P6,500,000. How much should be the gain or loss on changes in fair value?

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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