On December 31, 2018, CC Co. reclassified its previously held assetas owner occupied to investment property due
Fantastic news! We've Found the answer you've been seeking!
Question:
On December 31, 2018, CC Co. reclassified its previously held assetas owner occupied to investment property due to change in use. The following data were determined by CC Co.
Original Cost P2,500,000
Accumulated depreciation - Dec. 31,20181,500,000
Carrying amount - Dec. 31, 2018 1,750,000
Fair value - Dec 31, 20181,925,000
Since the fair value of the asset can be determined at the end of each reporting period, CC Co's policy is to use the revaluation model in its item of PPE subsequent to initial measurement.
How much is to be included as part of other comprehensive income related to the transfer?
Related Book For
Intermediate Accounting
ISBN: 978-0078025839
9th edition
Authors: J. David Spiceland, James Sepe , Mark Nelson , Wayne Thomas
Posted Date: