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What income or expense should galore recognize

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The construction of the condominium was completed and the property was placed in service on January 1, 20X7. The cost of the construction was P50,000,000. The useful life of the property is 25 years and the residual value is P5,000,000.

An independent valuation expert provided the following fair value at each subsequent year-end:

December 31, 20X7              P55,000,000

December 31, 20X8                53,000,000

December 31, 20X9               60,000,000

Problem 1: Under the fair value model, what income or expense (with corresponding amounts) should Galore recognize in P&L in 20X7 and 20X8?

Reference no: EM132759726

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