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What the correct amount reported under the building account

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Reference no: EM132984613

In preparing the 2021 draft financial statement of BETTY REALTY, the Building account of P5,000,000 to be reported under Property, Plant and Equipment included the following items:

  • P600,000 in which management is developing for immediate sale
  • P350,000 being developed as an investment property
  • P450,000 currently being redeveloped for continued future use as an investment property
  • P175,000 occupied by employees (rentals at market rates)
  • P200,000 fair value of a building constructed by BLADE Company to be used as substation by BETTY Realty (for the use of BAE Realty homeowners).

Problem 1: The correct amount reported under the Building account included in the Property, Plant & Equipment section is

Reference no: EM132984613

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