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What is the entry to record the reclassification of building

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On January 1, 20X1, Dream Company, a real estate company, decided not to lease out anymore its building but rather sell it. The building will be sold in its current state and that no redevelopment will be necessary. The building has a carrying amount of P1,000,000 and a fair value of P1,100,000.

Problem 1: What is the entry to record the reclassification of the building?

Reference no: EM132759730

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