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

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Question - Faith Company purchased an investment property on January 1, 2017 for a cost of P220000. The property had a useful life of 40 years and at December 31, 2020 had a fair value of P300000. On December 31, 2021, the property was sold for P280,000 incurring disposal costs of P10,000.

If Faith Company uses the fair value model to account for investment properties, what is the gain or loss to be recognized in profit or loss for the year ended December 31, 2021 regarding the disposal of the property?

Reference no: EM133171464

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