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What amount of gain or loss should be recognized

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Reference no: EM132907038

Problem - Angel Company purchased an investment property on January 1, 2018 for P3500000. The property had a useful life of 50 years and on December 31, 2020 had a fair value of P5300000. On December 31, 2020, the property was sold for net proceeds of P 6,000,000. The entity used the cost model to account for the investment property. What amount of gain or loss should be recognized for 2020 regarding the disposal of the property?

Reference no: EM132907038

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