EEW Corpo. purchased an investment property on January 1, 2018. The property was estimated to...
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Accounting
EEW Corpo. purchased an investment property on January 1, 2018. The property was estimated to have a useful life of 40 years and on December 31, 2020, had a fair value of P 3,000,000.
On December 31, 2020, the property was sold for net proceeds of P 2,900,000. The entity uses the cost model to account for the investment property.
What is the carrying amount of the investment on December 31,2020?
What is the gain or loss to be recognized for the year December 31, 2020 regarding the disposal of the property?
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