Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on sept 30, 2020, abc acquired a building to earn

On Sept 30, 2020, ABC acquired a building to earn rent through operating leases. The...

60.1K

Verified Solution

Question

Accounting

On Sept 30, 2020, ABC acquired a building to earn rent through operating leases. The investment property was initially measured at P20,000,000. It has an estimated useful life of 25 years and a residual value of P400,000. It has a fair value of P22,000,000 and P23,000,000 as of the end of 2020 and 2021 respectively.

Using the fair value model, what is the carrying value on Dec. 31, 2020?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Economics
1.2K views

Provide a thorough comparison of the “cost-controlling” health insurance plans. Clearly identify the advantages and disadvantages of...

Physics
1.2K views

A 674-kg elevator starts from rest and moves upward for 2.90 s with constant acceleration until...

Biology
1.2K views

In which of these cells would a mutation affect only one organism and not be...

Physics
1.2K views

A point charge q is placed in front of a thin conducting spherical shell of...

Physics
1.2K views

A completely submerged 0.41-kg ball is attached by a cable of negligible mass to the...

Algebra
1.2K views

A line with slope 1 passes through point P on the negative x axis and...

Accounting
1.2K views

please help find the red and yellow

Accounting
1.2K views

Compute ending inventory at September 30 using FIFO, LIFO, and moving-average. (Note: For moving-average, round...

Accounting
1.2K views

On December 31, 2021, Cullumber Company had 1,265,000 shares of $5 par common stock issued...

Accounting
1.2K views

1. Cul de los siguientes se considera efectivo? a. Letra del Tesoro a 120...

Accounting
1.2K views

683.2 294 PE 6-3B Sales transactions Journalize the following merchandise transactions: a. Sold merchandise on...

Accounting
1.2K views

Problem 4. Cash-accrual converslon Haskins and Jones, Attorney-at-Law, maintain its books on a cash basis....