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What is the expense recognized in profit of loss

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ABC Co has a single investment property which had an original cost of P5.8M on January 1, 2014. On December 31, 2016 the fair value was P6M and on December 31, 2017 the fair value was P5.9M. On acquisition, the property had a useful life of 40 years.

Question 1: What is the expense recognized in profit of loss for 2017 under the fair value model and cost model?

Option 1: Answer not given

Option 2: Fair Value: P100,000; Cost: P145,000

Option 3: Fair Value: P100,000; Cost: P147,500

Option 4: Fair Value: P145,000; Cost: P100,000

Option 5: Fair Value: P147,500; Cost: P145,000

Reference no: EM132568110

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