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Account for inventory and transfer to investment property

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Question - On January 1, 2019, the Mindy St. Claire, Inc. bought a piece of land worth P2,600,000. The company is engaged in buy and sell of land. On February 14, 2021, the company leased the land under an operating lease to another company. The estimated selling price and cost to sell of the inventories for the past two years is as follows:

 

12/31/2019

12/31/2020

02/14/2021

Selling price

P2,650,000

P2,750,000

P2,880,000

Cost to sell

150,000

120,000

130,000

Required - Account for the inventory and its transfer to investment property.

Reference no: EM132971160

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