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Determine carrying amount of the building as of december

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Reference no: EM132913286

Question - By the end of 2018, Company A was able to finish construction on a building for a total cost of P10,000,000. This was intended to earn rentals under an operating lease. The estimated useful life of the structure was estimated at 25 years. This property was carried in Company A's books using the fair value model. An independent valuation expert estimated the fair value of the building at P11,000,000, P12,000,000 and P12,500,000 at the end of 2018, 2019 and 2020, respectively.

On January 1, 2020, the company started to use the building as headquarters and reclassified the building. The entity uses cost model to measure all its PPE.

Required - Determine carrying amount of the building as of December 31, 2020.

Reference no: EM132913286

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