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The company purchased an investment property on January 1, 2014 for a cost of ?2,200,000.The property had a useful life of 40 years and on December 31, 2016 had a fair value of ?3,000,000. On December 31,2016 the property was sold for net proceeds of ?2,900,000. The entity used the cost model to account for the investment property.
Problem 1: What is the gain or loss to be recognized for 2016 regarding the disposal of the investment property?
A. ?810,000 gain
B. ?700,000 gain
C. ?100,000 loss.
D. ?865,000 gain
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