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On January 2, 2019, Sandy Company made a test of impairment on one of its building carried as plant asset. The test on impairment revealed a recoverable value of P ,500,000 on that building. The carrying value of this building as of January 2, 2019 is P,000,000 with a remaining useful life of 10 years.
On January 2, 2021, Sandy Company decided to convert this building into an investment property that is to be carried at fair value. The fair value of the building is P ,000,000 on the date of transfer.
Problem 1: What amount of gain or loss should Sandy Company recognize in its profit or loss on the date of transfer?
a. 0
b. 2,000,000
c. 600,000
d. 2,600,000
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