At the beginning of the year 2019. Itlog Company has an investment property acquired at a cost of $ 2,000,000. On December 31, 2019, the fair value was $2,200,000 and on December 31, 2020, the fair value was $1,950,000. The property had a useful life of 25 years. Under the cost method and fair value method, what is the expense recognized in the profit or loss for the year ended December 31, 2020
At the beginning of the year 2019. Itlog Company has an investment property acquired at a cost of $ 2,000,000. On December 31, 2019, the fair value was $2,200,000 and on December 31, 2020, the fair value was $1,950,000. The property had a useful life of 25 years. Under the cost method and fair value method, what is the expense recognized in the profit or loss for the year ended December 31, 2020
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable
Section: Chapter Questions
Problem 11P
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At the beginning of the year 2019. Itlog Company has an investment property acquired at a cost of $ 2,000,000. On December 31, 2019, the fair value was $2,200,000 and on December 31, 2020, the fair value was $1,950,000. The property had a useful life of 25 years. Under the cost method and fair value method, what is the expense recognized in the profit or loss for the year ended December 31, 2020?
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