17 You 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:CostFV Dec. 31, 2020P 10,000,000LandBuilding -----P14,000,00020,000,000 --- 9,000,000FV Dec. 31, 2021------P15,500,0008,500,000On 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 Land P 10,000,000 FV Dec. 31, 2020 P14,000,000 9,000,000 FV Dec. 31, 2021 P15,500,000 8,500,000 Building 20,000,000 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 Land P 10,000,000 FV Dec. 31, 2020 P14,000,000 9,000,000 FV Dec. 31, 2021 P15,500,000 8,500,000 Building 20,000,000 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?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Explain the Nonrecourse clause?
6. __________ entail the creation of a third-party legal entity, whereas __________ do not.
Q.3.2 Discuss technical insolvency and explain how this is different from absolute insolvency.
13 THE 3 PS (PEOPLE. PLANET. PROFIT)
What Is Section 1031? A brief explanation on this?
What is the solution to 0.5x - 2 < 5.5? O A. X < 7 о В. х< 9 С. X < 13 D. x < 15
E14.7
20. Self-interest is one of the broad categories of threats to independenceSelect one:TrueFalse
What is covered by Regulation S–K?
State four (4) main criticisms against the adoption of IFRSs in some countries.
Q9 Which of the following is a suitable disadvantage of social responsibility? a. Ethical obligation b. Public Image c. Possession of resources d. Violation of profit maximization
That is not a possible solution. The possible anwsers are --> a. 122329.9877 b. 127159.8450 c. 122132.1253 d. 126907.4914 Please explain