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How much is the gain reported in the income statement

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Reference no: EM132759623

On January 1, 2020, Lemonon Company acquired land held for investment.  In relation, the entity incurred and paid the following:

Acquisition cost P3,890,200

Transfer taxes 195,800

Other administration cost 112,700

Legal fees 389,200

Problem 1: At year-end, the fair value of the land held for investment is P4,700,000. Under the fair value model, how much is the gain reported in the income statement?

Reference no: EM132759623

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