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How much gain on is recorded by she on reclassification

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Question - She Company owns land and building classified as investment property. The land and building is being leased out under operating leases. The company uses the fair value model for all its other investment property. Data relating to the land and building follows:

 

Cost

FV Dec. 31, 2020

FV Dec. 31, 2021

Land

P10,000,000

P14,000,000

P15,500,000

Building

20,000,000

9,000,000

8,500,000

On December 31, 2021, the company decided to use the land and building for its operations. How much gain on is to be recorded by She on reclassification of the asset?

Reference no: EM133188529

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