On December 12, 2023, ABRAHAMILITO Company declared its building as property dividends. The carrying value of...

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On December 12, 2023, ABRAHAMILITO Company declared its building as property dividends. The carrying value of the building on this date was P3,000,000. On this date the fair value less estimated costs to distribute is P2,800,000 while its fair value alone is P3,200,000. On December 31, 2023, the building's fair value decreased to P3,000,000. On January 15, 2024, when the building was distributed, the fair value of was P3,050,000 and the company paid P250,000 in distribution fees. Questions: 1. The value of the property held for distribution that should be presented in the statement of financial position as of December 31, 2023 is 2. How much is the gain or loss on distribution on January 15, 2024? (Use parenthesis if loss i.e., (3000)) On December 12, 2023, ABRAHAMILITO Company declared its building as property dividends. The carrying value of the building on this date was P3,000,000. On this date the fair value less estimated costs to distribute is P2,800,000 while its fair value alone is P3,200,000. On December 31, 2023, the building's fair value decreased to P3,000,000. On January 15, 2024, when the building was distributed, the fair value of was P3,050,000 and the company paid P250,000 in distribution fees. Questions: 1. The value of the property held for distribution that should be presented in the statement of financial position as of December 31, 2023 is 2. How much is the gain or loss on distribution on January 15, 2024? (Use parenthesis if loss i.e., (3000))

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