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What is the gain to be recognized

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Question - An entity purchased an investment property on January 1, 2020 at a cost of 4,000,000. The property had a useful life of 20 years and on December 31, 2021 had a fair value of 4,800,000.

On December 31, 2021 the property was sold for net proceeds of 4,500,000. The entity used the cost model to account for investment property.

Required - What is the gain to be recognized for 2021 regarding the disposal of the property?

Reference no: EM133035194

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