1. The unrealized gain (loss) from the change in fair value of investment properties for 2020 is...
Question:
1. The unrealized gain (loss) from the change in fair value of investment properties for 2020 is
2. The balance of investment property at December 31, 2020 is
3. Assuming the company is using the cost model in accounting for investment properties, the balance of investment property on December 31, 2020 is
4. Assuming that on December 31, 2021, Property 5 is now used by the subsidiary in production instead of being leased out to another party. The fair value of the property at this date is P5,500,000. How much should be the gain or loss on reclassification?
5. Assuming that on December 31, 2021, Property 4 will now be used by Claude Company to lease out space to various tenants instead of operating it as a hotel. The fair value of the building at this date is P47,000,000. How much should be credited to revaluation surplus?
Fundamental Managerial Accounting Concepts
ISBN: 978-0078110894
6th Edition
Authors: Edmonds, Tsay, olds