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What is the carrying amount of the land and building

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Question - On January 1, 2014, CPA Co. purchased building at a cost of P3M. On the same, the building was leased out under an operating lease. The company's policy regarding depreciable asset is to depreciate using straight line method of depreciation over an estimated useful life of 20 years. The fair value of the building from December 31, 2014 to 2016 is as follows: P3.1M, P2.45M, P2.99M. Answer the requirement below.

What is the carrying amount of the land and building on December 31, 2015 using cost model is at what amount?

What is the carrying amount of the land and building on December 31, 2016 using cost model is at what amount?

What is the carrying amount of the land and building on December 31, 2015 using fair value is at what amount?

What is the value of to be included in the statement of comprehensive income for 2016?

Reference no: EM133053317

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