Reference no: EM132717421
Ingenuous Company acquired a building on January 1, 2020 for P9,000,000. At that date, the building had a useful life of 30 years. On December 31, 2020, the fair value of the building was P9,600,000 and on December 31, 2021, the fair value is P9,800,000. The building was classified as an investment property and accounted for under the cost model.
Problem1 : What amounts should be carried in the statement of financial position and recognized in profit or loss for 2021?
A. Carrying amount - 9,800,000; Profit or loss - 200,000 gain
B. Carrying amount - 8,700,000; Profit or loss - 300,000 expense
C. Carrying amount - 9,000,000; Profit or loss - No gain, no loss
D. Carrying amount - 8,400,000; Profit or loss - 300,000 expense
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