MC15 The Emem Company acquired a building on January 1, 2022 for P18,000,000. At that date, the building had a useful life of 40 years. The fair value of the building was P20,000,000 at December 31, 2022. The building was appropriately classified as investment property and accounted for using the cost model. What amounts shall be presented in the statement of financial position at December 31, 2022 and recognized in profit or loss for the year then ended, respectively? P20,000,000 and PO P18,000,000 and PO P20,000,000 and gain of P2,000,000 P17,550,000 and expense of P450,000 a. b. с. d.
MC15 The Emem Company acquired a building on January 1, 2022 for P18,000,000. At that date, the building had a useful life of 40 years. The fair value of the building was P20,000,000 at December 31, 2022. The building was appropriately classified as investment property and accounted for using the cost model. What amounts shall be presented in the statement of financial position at December 31, 2022 and recognized in profit or loss for the year then ended, respectively? P20,000,000 and PO P18,000,000 and PO P20,000,000 and gain of P2,000,000 P17,550,000 and expense of P450,000 a. b. с. d.
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 8MC: On July 1, 2018, Mundo Corporation purchased factory equipment for 50,000. Residual value was...
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