STRAIGHT Company accounts for non-current assets using the revaluation model. On October 1, 2022, the entity classified a freehold property as held for sale. At that date, the carrying amount was P2,200,000 and the balance of revaluation surplus was P1,200,000. At the same date, the fair value was estimated at P2,900,000 and the cost of disposal at P220,000.

STRAIGHT Company accounts for non-current assets using the revaluation model. On October 1, 2022, the entity classified a freehold property as held for sale. At that date, the carrying amount was P2,200,000 and the balance of revaluation surplus was P1,200,000. At the same date, the fair value was estimated at P2,900,000 and the cost of disposal at P220,000.

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter7: Property Transactions: Basis, Gain And Loss, And Nontaxable Exchanges

Section: Chapter Questions

Problem 32P

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