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What carrying value of the investment property as of dec

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On July 1, 2017 Graco Company acquired an investment property for P8.7 million having an estimated useful life of 40 years and residual value of P600,000. The company accounts this asset under the cost model and uses straight line method in depreciating its depreciable assets.

The following are the related fair values regarding the investment property:

2017: P8,775,000 2019: P9,000,000
2018: P8,970,000 2020: P8,770,00

Problem 1: Amount reported in profit or loss for the year ended December 31, 2020

Problem 2: Carrying value of the investment property as of December 31, 2020

Reference no: EM132737389

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