You 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 FV Dec. 31, 2021 Land -------- P 10,000,000 ----- P14,000,000 -------P15,500,000 Building ----- 20,000,000 ------ 9,000,000 -------- 8,500,000 On December 31, 2021, the company decided to use the land and building for its operations. At what amount should the land and building be recorded on December 31, 2021?
You 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 FV Dec. 31, 2021
Land -------- P 10,000,000 ----- P14,000,000 -------P15,500,000
Building ----- 20,000,000 ------ 9,000,000 -------- 8,500,000
On December 31, 2021, the company decided to use the land and building for its operations.
At what amount should the land and building be recorded on December 31, 2021?
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