Question
Robust Company purchased an investment property on January 1, 2019, at a cost of P2,200,000. The property had a useful life of 40 years and on December 31, 2019, had a fair value of P3,000,000. On December 31, 2019, the property was sold for net proceeds of P2,900,000. The entity used the cost model to account for the investment property. What is the gain to be recognized for 2019 regarding the disposal of the investment property?Subscribe our channel for more SOLUTION
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