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What the correct amount included in the property is

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Reference no: EM132704421

In preparing the 2016 draft financial statement of Swan Electric Company, the Building account of P4,200,000 to be reported under Property, Plant and Equipment included the following items:

  1. P450,000 in the process of development for sale
  2. P850,000 being developed as an investment property 
  3. P600,000 currently being redeveloped for continued future use as an investment property 
  4. P500,000 occupied by employees 
  5. P400,000 fair value of a building constructed by Storybrooke Realty to be used as substation by Swan Electric Company (for the use of Storybrooke Realty's homeowners).

Problem 1: The correct amount included in the Property, Plant & Equipment section is?

Problem 2: The amount presented under PAS 41 is ?

Problem 3: The mount presented under PAS 2 is ?

Reference no: EM132704421

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