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Question - On January 11 2021, the Bergs Company acquired a building to be held as investment property for P5,000,000. After initial recognition, the entity measured the investment property using the cost model because the fair value cannot be measured reliably. On December 31, 2021, management assessed the useful life of the building at 20 years from the date of acquisition and presumed the residual value to be nil because the fair value cannot be determined reliably. At year-end, there was an offer to buy the building amounting to P6,500,000 but management declined this offer. What is the carrying animal! of the building on Decanter 31, 2021?
which of the following is not true concerning requirements of when a company should recognize revenue? when delivery
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