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What is amount of gain to be recognized in profit or loss

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SWEET Corp.'s accounting policy with respect to investment property is to measure the property at fair value at the end of each reporting period. One investment property was measured at P 8,000,000 on December 31, 2020. The property had been acquired on January 1, 2020 for a total cost of P 7,600,000, broken down into cost of property paid to the seller, P 6,900,000, the amount paid to the local government for property tax, P 300,000 and professional fees paid to agents, P 400,000. The estimated useful life of the property is 40 years.

Problem 1: What is the amount of gain to be recognized in profit or loss for the year ended December 31, 2020 in respect of the investment property?

Reference no: EM132767107

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