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What the gain on disposal of property to be recognize

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Reference no: EM132864605

Problem 1: Lenny Co. purchased an investment property on January 1, 2017 for a cost of P2,200,000. The property had a useful life of 40 years and at December 31, 2019 had fair value of P3,000,000. On January 1, 2020 the property was sold for net proceeds of P2,900,000. Lenny Co. uses the cost model to account for the investment property. The gain (loss) on disposal of property to be recognized for the year ended December 31, 2020 must be

a. P865,000
b. P810,000
c. P700,000
d. (P100,000)
e. none of the choices

Reference no: EM132864605

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