Paris Company owns and manages Hilton Hotel. The hotels' total floor space is 10,000 sq. meters. Fifteen percent of the total floor space is occupied by the Company and used in providing ancillary services to the hotel's occupants (customers). As of December 31, 20x8, the hotel has a carrying amount of P25,600,000 and an estimated remaining useful life of 24 years. Paris uses the straight-line method of depreciation. If the ancillary services provided to occupants are significant, how much would be shown as investment property in Paris Co's December 31, 20x9 financial statements?

Paris Company owns and manages Hilton Hotel. The hotels' total floor space is 10,000 sq. meters. Fifteen percent of the total floor space is occupied by the Company and used in providing ancillary services to the hotel's occupants (customers). As of December 31, 20x8, the hotel has a carrying amount of P25,600,000 and an estimated remaining useful life of 24 years. Paris uses the straight-line method of depreciation. If the ancillary services provided to occupants are significant, how much would be shown as investment property in Paris Co's December 31, 20x9 financial statements?

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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