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What is the gain or loss to be recognized for the year dec

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Reference no: EM132767112

EEW Corpo. purchased an investment property on January 1, 2018. The property was estimated to have a useful life of 40 years and on December 31, 2020, had a fair value of P 3,000,000.

  • On December 31, 2020, the property was sold for net proceeds of P 2,900,000. The entity uses the cost model to account for the investment property.

Problem 1: What is the carrying amount of the investment on December 31,2020?

Problem 2: What is the gain or loss to be recognized for the year December 31, 2020 regarding the disposal of the property?

Reference no: EM132767112

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