20 She Company owns land and building classified as investment property. The land and buildingis being leased out under operating leases. The company uses the fair value model for all itsother investment property. Data relating to the land and building follows:CostLandP 10,000,000-----FV Dec. 31, 2020P14,000,0009,000,000FV Dec. 31, 2021------P15,500,0008,500,000Building ---20,000,000On December 31, 2021, the company decided to use the land and building for its operations.How much gain on is to be recorded by She on reclassification of the asset?

If a company has investment property and such investment property are remeasured at fair value on…

She Company owns land and building classified as investment property. The land and building is being leased out under operating leases. The company uses the fair value model for all its other investment property. Data relating to the land and building follows: Cost FV Dec. 31, 2020 P14,000,000 P 10,000,000 Land Building ----- FV Dec. 31, 2021 ------P15,500,000 ----- 8,500,000 20,000,000 --- 9,000,000 On December 31, 2021, the company decided to use the land and building for its operations. How much gain on is to be recorded by She on reclassification of the asset?

She Company owns land and building classified as investment property. The land and building is being leased out under operating leases. The company uses the fair value model for all its other investment property. Data relating to the land and building follows: Cost FV Dec. 31, 2020 P14,000,000 P 10,000,000 Land Building ----- FV Dec. 31, 2021 ------P15,500,000 ----- 8,500,000 20,000,000 --- 9,000,000 On December 31, 2021, the company decided to use the land and building for its operations. How much gain on is to be recorded by She on reclassification of the asset?

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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