Reference no: EM132744493
On December 31, 2019, ABC Co made an adjustment to its building due to an impairment of $ 100,000,000, so the information on the carrying value of the building on that date are as follows:
Cost $ 500,000,000
Accumulated depreciation $ 250,000,000
Accumulated impairment loss $ 100,000,000
On January 5, 2020, ABC Co decided to lease that owner-occupied building and transferred it to investment property using the fair value model. At the time of transfer, the fair value of the building was $ 280,000,000.
Problem 1: Calculate the gain / loss recognized in profit or loss on the transfer.
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