What amount of gain or loss should be recognized for 2020 regarding the disposal of the property?
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Question:
Angel Company purchased an investment property on January 1, 2018 for P3500000. The property had a useful life of 50 years and on December 31, 2020 had a fair value of P5300000. On December 31, 2020, the property was sold for net proceeds of P 6,000,000. The entity used the cost model to account for the investment property.
Related Book For
South Western Federal Taxation 2017 Essentials Of Taxation Individuals And Business Entities
ISBN: 9780357109144
20th Edition
Authors: William A. Raabe, David M. Maloney, James C. Young, Annette Nellen
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