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What amount shall used in statement of financial position

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Q1) On December 31, 2020, AB acquired an investment for P500,000 plus a purchase commission of P10,000. The investment is designated as financial asset at fair value through profit or loss. On December 31, 2020, quoted market price of the investment is P500,000. If the investment were sold, a commission of P15,000 would be paid. On December 31, 2020, the investment should be carried at

A. P500,000

B. P485,000

C. P495,000

D. P510,000

Q2) ESP Company acquired a building on January 1, 2021 for P25,000,000. At that date, the building has a useful life of 50 years. The fair value of the building was P28,000,000 on December 31, 2021. The building was appropriately classified as an investment property and ESP is using the fair value model in accounting the investment property.

What amount shall be used in the statement of financial position on December 31, 2021?

A. P24,500,000

B. P25,000,000

C. P28,000,000

D. P27,440,000

Reference no: EM132934921

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