A building owned and previously occupied by the company was vacated and was classified as held for sale on December 31, 2019. The said building had acost of P20,000,000 and accumulated depreciation of P12,000,000. The fair value of the building was P9,000,000 and the entity expected to incur cost to sell of P1,500,000. After the end of the reporting period, the building was sold for P9,200,000 and incurred cost to sell of P1,300,000.

This problem has 3 questions:

At what amount should the building be measured on the company's statement of financial position on December 31, 2019?

How is the 2019 profit affected?

How is the profit during the year of sale affected?