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Galore Company ventured into construction of a condominium in Makati which is rated as the largest state-of-the-art structure. The board of directors decided that instead of selling the condominium, the entity would hold this property for purposed of earning rentals by letting out space to business executives in the area. The construction of the condominium was completed and the property was placed in service on January 1, 2020. The cost of the construction was P50,000,000. The useful life of the condominium is 25 years and the residual value is P5,000,000 An independent valuation expert provided the following fair value at each subsequent year-end: December 31, 2020 55,000,000 December 31, 2021 53,000,000 December 31, 2022 60,000,000 December 31, 2022 Required: Compute for the amount reflected on the December 31 financial statement using: Fair value model December 31, 2020 December 31, 2021 Investment Property Gain/(loss) on change in FV Cost model Investment Property - gross Less: Accumulated depreciation Investment Property - net Depreciation expense