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What should be the expense recognized in Lancer profit

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Question - The Lancer Company has a single investment property which had originally cost P2,320,000 on January 1, 2018. At December 31, 2018, its fair value was P2,200,000. On acquisition, the property had a useful life of 40 years. According to LAS 40, Investment properties, what should be the expense recognized in Lancer's profit or loss for the year ending December 31, 2018 under each of the fair value model and the cost model, respectively?

A. 58,000 and 120,000

B. 62,000 and 120,000

C. 58,000 and 106,000

D. 120,000 and 120,000

Reference no: EM132635005

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