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How much loss on sale of land should be recorded on December

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Question - On January 1, 2018, ABC Company purchased land at a cost of P3,000,000. The land is measured at fair value in accordance with the revaluation model. On December 31, 2018, the fair value of the land was P3,500,000. On June 30, 2019, the land was classified as held for sale. On the same date, the fair value was estimated to be P4,000,000 and the cost of disposal is P250,000. On December 31, 2019, the land was sold for P3,650,000. How much loss on sale of land should be recorded on December 31, 2019?

Reference no: EM132601432

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