Reference no: EM132960309
Gary Company has a building with a carrying value of P2,400,000 as of May 31, 2020. On June 1, 2020, the company decided to convert the plant asset to investment property to be carried at Fair Value.
Problem 1: If the fair value of the building at date of conversion is P2,600,000. The conversion would result to a recognition of
a. 200,000 gain to Profit or Loss
b. 2,400,000 Investment Property
c. 200,000 revaluation surplus to OCI
d. 2,600,000 Building
Problem 2: If the fair value of the building at date of conversion is P2,200,000. The conversion would result to a recognition of
a. 200,000 loss to Profit or Loss
b. 2,400,000 Investment Property
c. 200,000 loss to OCI
d. 2,200,000 Building
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