Ben Company purchased an investment property on January 1, 2020 at a cost of P250.000. The property had a useful life of 20 years and at December 31, 2022, had a fair value of P280.000. On January 1, 2023, the property was sold for net proceeds of P290,000. Ben uses the cost model to account for investment property. What is the gain or loss to be recognized in profit or loss for the year ended December 31,2023 regarding the disposal of the property, according to IAS 40 Investment Property? A. P77,500 gain B. P67,500 gain . C. P30,000gain D. PI 0,000 gain
Ben Company purchased an investment property on January 1, 2020 at a cost of P250.000. The property had a useful life of 20 years and at December 31, 2022, had a fair value of P280.000. On January 1, 2023, the property was sold for net proceeds of P290,000. Ben uses the cost model to account for investment property. What is the gain or loss to be recognized in profit or loss for the year ended December 31,2023 regarding the disposal of the property, according to IAS 40 Investment Property? A. P77,500 gain B. P67,500 gain . C. P30,000gain D. PI 0,000 gain
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter8: Property Transactions: Capital Gains And Losses, Section 1231 And Recapture Provisions
Section: Chapter Questions
Problem 38P
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Ben Company purchased an investment property on January 1, 2020 at a cost of P250.000. The property had a useful life of 20 years and at December 31, 2022, had a fair value of P280.000.
On January 1, 2023, the property was sold for net proceeds of P290,000. Ben uses the cost model to account for investment property.
What is the gain or loss to be recognized in profit or loss for the year ended December 31,2023 regarding the disposal of the property, according to IAS 40 Investment Property?
On January 1, 2023, the property was sold for net proceeds of P290,000. Ben uses the cost model to account for investment property.
What is the gain or loss to be recognized in profit or loss for the year ended December 31,2023 regarding the disposal of the property, according to IAS 40 Investment Property?
A. P77,500 gain
B. P67,500 gain .
C. P30,000gain
D. PI 0,000 gain
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