43 They Company owns land and building classified as investment property. The land and buildingis being leased out under operating leases. The company uses cost model for its otherinvestment property. Data relating to the land and building follows:CostLandP 10,000,000 -FV Dec. 31, 2020 FV Dec. 31, 2021 FV Dec. 31, 2021P14,000,0009,000,000------P15,500,000 ----‒‒‒‒‒‒P 17,000,000Building - 20,000,000 ---9,500,000-----10,000,000How much fair value gain should They company report in profit or loss for year 2021?

Answered: Image /qna-images/answer/8be0bb41-fd54-4941-a3e1-4279e143427f.jpg

They Company owns land and building classified as investment property. The land and building is being leased out under operating leases. The company uses cost model for its other investment property. Data relating to the land and building follows: Cost FV Dec. 31, 2020 FV Dec. 31, 2021 -------P15,500,000 Land P 10,000,000 - P14,000,000 FV Dec. 31, 2021 P 17,000,000 10,000,000 Building - 20,000,000 9,000,000 9,500,000 How much fair value gain should They company report in profit or loss for year 2021?