How much is the gain on disposal of property to be recognize

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Question 1: Maxine Corporation purchased an investment property on January 1, 2017 for a cost of $2,200,000. The property had a useful life of 40 years and at December 31, 2019 had fair value of $3,000,000. On January 1, 2020 the property was sold for net proceeds of $2,900,000. Maxine Corporation uses the cost model to account for the investment property. How much is the gain (loss) on disposal of property to be recognized for the year ended December 31, 2020?

Reference no: EM132864545

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