investment property is fair value model at the end of each Paradise Company's accounting polie of P7,600,000, made up of P6,900,000 paid to the vendor, The property had been acquired on January 1, 2020 for a total P300,000 paid to the local authority as a property transfer reporting period. One investment property had a fair value respect to of P8,000,000 on December 31, 2020. The property had been acquired on January 1, 2020 for a tsa of P7,600,000, made up of P6,900,000 paid to the vend tax and P400,000 paid to professional advisers. The usef life of the property is 40 years. What is the gain to be recognized for 2020 in respect of the investment property?
investment property is fair value model at the end of each Paradise Company's accounting polie of P7,600,000, made up of P6,900,000 paid to the vendor, The property had been acquired on January 1, 2020 for a total P300,000 paid to the local authority as a property transfer reporting period. One investment property had a fair value respect to of P8,000,000 on December 31, 2020. The property had been acquired on January 1, 2020 for a tsa of P7,600,000, made up of P6,900,000 paid to the vend tax and P400,000 paid to professional advisers. The usef life of the property is 40 years. What is the gain to be recognized for 2020 in respect of the investment property?
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 18DQ
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