What is the gain or loss to be recognized in profit or loss

Reference no: EM132719824

Question - The Conehead Company purchased an investment property on 1 January 2013 for a cost P220,000. The property had a useful life of 40 years and at 31 December 2015 had a fair value of P300,000. On 1 January 2016 the property was sold for net proceed of P290,000. Conehead uses the cost model to account for investment properties.

Required - What is the gain or loss to be recognized in profit or loss for the year ended 31 December 2016 regarding the disposal of the property?

Reference no: EM132719824

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