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What should be the carrying amount of the property in tilly

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Reference no: EM132737354

At April 1, 2019, Tilly owned a property with a carrying amount of P800,000 which had a remaining estimated life of 16 years. The property had not been revalued.

  • On October 1, 2019, Tilly decided to sell the property and correctly classified it as being held-for-sale'.
  • A property agent reported that the property's fair value less costs to sell at October 1, 2019 was expected to be P790,500 which had not changed at March 31, 2020.

Problem 1: What should be the carrying amount of the property in Tilly's statement of financial position as of March 31, 2020?

Option 1: P765,000
Option 2: P775,000
Option 3: P750,000
Option 4: P790,500

Reference no: EM132737354

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