37. Iron Company has the following property items atDecember 31, 2021:Particulars / Acquisition (CV) / FV 12/31/21Land which at the date of acquisition is notintended for any specific use in the future -P1,000,000 / P1,800,000Land held for future plant site - 2,000,000 /2,600,000Building in process of construction intended to beleased under operating lease - 8,000,000 /8,000,000Building being used by the entity for its operations- 2,5000,000 / 3,000,000Equipment being leased under operating lease -1,500,000 / 1,050,000Land and Building acquired under finance leasesbeing used by the entity as its general andadministrative headquarter - 9,200,000 / 9,900,000Assuming that the company adopted IAS 40,Investment Property using the Fair value model,what is the correct total of the investment propertyreported at December 31, 2021?P1,800,000P9,800,000P10,850,000P19,700,000

As per IAS – 40, an investment property will be a land or a building or part of a building or both…

Iron Company has the following property items at December 31, 2021: Particulars / Acquisition (CV) / FV 12/31/21 Land which at the date of acquisition is not intended for any specific use in the future - P1,000,000 / P1,800,000 Land held for future plant site - 2,000,000 / 2,600,000 Building in process of construction intended to be leased under operating lease - 8,000,000 /

Iron Company has the following property items at December 31, 2021: Particulars / Acquisition (CV) / FV 12/31/21 Land which at the date of acquisition is not intended for any specific use in the future - P1,000,000 / P1,800,000 Land held for future plant site - 2,000,000 / 2,600,000 Building in process of construction intended to be leased under operating lease - 8,000,000 /

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

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 5E: Comprehensive: Acquisition, Subsequent Expenditures, and Depreciation On January 2, 2019, Lapar...

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