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How much is the carrying value of the investment property

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Reference no: EM132756044

Question 1: On January 1, 2019 Brice Company purchased a building for its investment potential. The building cost P2,000,000 with transaction costs of P50,000. The depreciable amount of the building component of the property at this date was P400,000. The property has a useful life of 30 years. At the end of 2019, the fair value of the property had is P2,800,000. The investment property was sold early in 2020 for P2,950,000, selling costs were P50,000. How much is the carrying value of the investment property at the end of 2019 if the company uses cost model?

Reference no: EM132756044

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