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What is the consolidated book value of the said building

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Reference no: EM133182756

Question - On January 1, 2022, Entity A, a public entity, acquired 90% of outstanding ordinary shares of Entity B. All the assets and liabilities of Entity B are properly valued except for its only building with cost of P1,000,000 and accumulated depreciation of P100,000 without any residual value. On January 1, 2022, the building is already two years of age. The fair value of the building on Jan 1, 2022 is P720,000. On July 1, 2022, Entity B sold the said building to Entity A at a loss of P90,000.

On Dec 31, 2022, what is the consolidated book value of the said building to be presented in the Consolidated Statement of Financial Position of Entity A?

Reference no: EM133182756

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