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On January 2, 2021, Patrick Company has an investment property acquired at cost of P3,000,000 including directly attributable transaction cost of P 100,000. Estimated useful life of the property is 20 years using a straight-line method. On December 31, 2021, the fair value of the property is P3,200,000. Estimated cost to sell is P50,000.
Problem 1: What should be the carrying value of the investment at the end of 2021 using the cost model?
a. 2,755,000
b. 2,650,000
c. 3,150,000
d. 3,200,000
Problem 2: How much is the carrying value of the investment at the end of 2021 using the fair value model?
b. 2,850,000
d. 3,100,000
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