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Determining the investment properties

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Investment Properties:

Safe Ladies' Home, Inc. owns a three-storey building along Asturias. The whole building, divided into smaller rooms, is being rented out to various lady bed spacers comprising of students, reviewees and employees. The building cost is P5,000,000 with accumulated depreciation of P1,500,000 as of December 31, 2019. On this date, the building has a fair value of P5,500,000.

A new building was constructed by another entity adjacent to the building of Safe Ladies' Home, Inc. during 2019. Safe Ladies' Home rented the fourth floor of the new building under operating lease and subleased the whole area to various bed spacers. At December 31, 2019, the fair value of this fourth floor is P2,000,000 and Safe Ladies Home chose to report it as an investment property.

At what total amount should Safe Ladies' Home report its investment property at December 31, 2019? Can you please help me by providing the authentic solution of this problem

Reference no: EM132419759

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