Determine the amounts that should be recognized by entity

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Property A

An office building used by Cute for administrative purposes with a depreciated historical cost of P2 million. At 1 January 2018 it had a remaining life of 20 years. After a re-organization on 1 July 2018. the property was leased to a third party and reclassified as an investment property applying cute policy of a fair policy model. An independent valuer assessed the property to have a fair value of 2.3 million at 1 July 2018. which had risen to P2.34 million at 31 December 2018

Property B

Another once building sub kissed to a subsidiary of Cute. At I January 2018, it had a fair value of P1.5 million which had risen to P1.65 million at 31 December 2018. At 1 January 2018 it had a remaining Life of 15 years.

Problem 1: Determine the amounts that should be recognized by the entity in its separate financial statements in respect of these properties in the year ended in December 31, 2018

Reference no: EM132788563

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