Crosswind Company has a single investment property which had an original cost of P5,800,000 on January...
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Crosswind Company has a single investment property which had an original cost of P5,800,000 on January 1, 2015. On December 31, 2017, its fair value was P6,000,000 and on December 31, 2018, it had a fair value of P5,900,000. On acquisition, the property had a useful life of 40 years. 1. What should be the expense recognized in Crosswind's profit or loss for the year ended December 31, 2018 under the fair value model? 2. What should be the expense recognized in Crosswind's profit or loss for the year ended December 31, 2018 under the cost model? Crosswind Company has a single investment property which had an original cost of P5,800,000 on January 1, 2015. On December 31, 2017, its fair value was P6,000,000 and on December 31, 2018, it had a fair value of P5,900,000. On acquisition, the property had a useful life of 40 years. 1. What should be the expense recognized in Crosswind's profit or loss for the year ended December 31, 2018 under the fair value model? 2. What should be the expense recognized in Crosswind's profit or loss for the year ended December 31, 2018 under the cost model?
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1 Under the fair value model the expense recognized in Crosswinds profit or loss for the year ended ... View the full answer
Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
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