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What is the amount of gain or loss to be recognized

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Question - On July 1, 2022, WAVY Company has a building with a cost of P4,000,000 and accumulated depreciation of #1,600,000. On the same date, WAVY Company commits to a plan to sell the building by March 1, 2023. The building has a fair value of P2,000,000 and it is estimated that the selling cost associated with the disposal of the building will be $150,000. As of July 1, 2022, the building has a remaining life of 15 years.

Required -

1. What is the amount to be reported as the carrying value of the building-held for sale as of December 31, 2022?

2. What is the amount of gain or loss to be recognized by WAVY Company in its income statement as a result of reclassification?

Reference no: EM133141526

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