When an owner-occupied property is transferred to investment property at fair value, a decrease in the carrying amount of the property to its fair value at the date of transfer Group of answer choices is carried directly to equity. is recognized in profit and loss at all times. is recognized in profit and loss, or, for a revalued property, charged against the revaluation surplus to the extent of its credit balance. is absorbed by retained earnings.
When an owner-occupied property is transferred to investment property at fair value, a decrease in the carrying amount of the property to its fair value at the date of transfer Group of answer choices is carried directly to equity. is recognized in profit and loss at all times. is recognized in profit and loss, or, for a revalued property, charged against the revaluation surplus to the extent of its credit balance. is absorbed by retained earnings.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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72
When an owner-occupied property is transferred to investment property at fair value, a decrease in the carrying amount of the property to its fair value at the date of transfer
Group of answer choices
is carried directly to equity.
is recognized in profit and loss at all times.
is recognized in profit and loss, or, for a revalued property, charged against the revaluation surplus to the extent of its credit balance.
is absorbed by retained earnings .
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