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On January 2, 2018, Caramel Company acquired an investment property and the initial cost of investment property was Php 5,000,000. On the date of acquisition, the company chooses the cost model to account for its investment. As of December 31, 2019, it has a carrying value of Php 4,900,000 and a fair value of Php 5,100,000. On December 31, 2020, the company decided to transfer the investment property to owner occupied property that is also under the cost model. On the date of transfer, the fair value of property is Php 5,000,000 while its carrying value was Php 4,800,000.
Problem 1: What amount of gain or loss on transfer should the company recognize on December 31, 2020?
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