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What amount should be carried in the statement

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Question - ABC Company acquired a building on January 1, 2016 for P9M. At that date, the building had a useful life of 30 years. On December 31, 2016 the fair value of the building was P9.6M and on December 31, 2017, the fair value is P9.8M. The building was classified as an investment property and accounted for under the fair value model. What amount should be carried in the statement of financial position and recognized in profit or loss for 2017?

a. Carrying Amount: P9,000,000; Profit or Loss: P800,000 gain

b. Carrying Amount: P9,800,000; Profit or Loss: P200,000 gain

c. Carrying Amount: P8,400,000; Profit or Loss: P300,000 expense

d. Carrying Amount: P8,700,000; Profit or Loss: P300,000 expense

e. Answer not given

Reference no: EM132567769

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