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Problem 1: On January 1, 2019, Squidward Company which uses the fair value model, purchases an investment property at a cost of P50,000,000. At December 31, 2019 the fair value of the property is P60,000,000. The fair value of the property on December 31, 2020 is P55,000,000. On January 1, 2021, the property was reclassified to property, plant and equipment. At what amount should the property, plant and equipment be initially recorded?
a. zero
b. 55,000,000
c. 50,000,000
d. 60,000,000
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