Problem 11 Digimon Company owned three properties which are classified as investment properties. Details of the properties are as follows: Property 1 Property 2 Property 3 Initial cost 2,700,000 a. The cost model b. The fair value model 3,450,000 3,300,000 Fair value Dec. 31, 2022 3,200,000 3,050,000 3,850,000 Fair value Dec. 31, 2023 3,500,000 2,850,000 3,600,000 Each property was acquired at the beginning of 2017 with a useful life of 25 years. Compute for the total carrying amount to be reported as investment property on December 31, 2023 assuming the policy is to use:

Problem 11 Digimon Company owned three properties which are classified as investment properties. Details of the properties are as follows: Property 1 Property 2 Property 3 Initial cost 2,700,000 a. The cost model b. The fair value model 3,450,000 3,300,000 Fair value Dec. 31, 2022 3,200,000 3,050,000 3,850,000 Fair value Dec. 31, 2023 3,500,000 2,850,000 3,600,000 Each property was acquired at the beginning of 2017 with a useful life of 25 years. Compute for the total carrying amount to be reported as investment property on December 31, 2023 assuming the policy is to use:

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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