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What is gain or loss to be recognized

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Reference no: EM132566121

Question - The Company purchased an investment property on January 1, 2014 for a cost of P2,200,000.

The property had a useful life of 40 years and on December 31,2016 had a fair value of P3,000,000.

On December 31, 2016 the property was sold for net proceeds of P2,900,000. The entity used the cost model to account for the investment property

What is gain or loss to be recognized for 2016 regarding the disposal of the investment property?

a. P810,000 gain

b. P865,000 gain

c. P700,000 gain

d. P100,000 loss

e. Answer not given

Reference no: EM132566121

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