Davao Corporation, a real estate entity, has total assets of not more than 350 million and total liabilities of not more than 250 million. Davao's debt and equity instruments are not traded in a public market Davao Corporation incurred (and paid) the follcming expenditures in acquiring property consisting often identical freehold detached houses each with separate legal title including the land an which it is built: Date I Jan. I Jan. I Jan. I Jan. I Jan. 2 Jan. go-nount (in Php) 2020 2020 2020 2020 2020 2020 30 June 2020 Throughout 2020 Additional information 20 per cent of the price is attributable to the land Nan-refundable transfer taxes (not included in the ooo urchase Legal cost directly attributable tothe acquisition Reimbursing the previous owner for prepaying the non- refundable local government property taxes for the six-rnonth period end ng 30 June 2020 Advertisin cam to attract tenants Opening function to celebrate new rental business that attracted extensive coverage by the local press Nan-refundable annual local government property taxes for the r endi 30 June 2021. DaBcday repairs and maintenance, including the salary and other costs of the administration and maintenance staff These costs are attributable uali to each of the ten units. The entity uses one of the ten units to accommodate its administration and maintenance staff _ The other nine units are rented to independent third parties under non-cancellable operating leases. At 31 December 2020, the entity made the following assessments about the units: Useful life ofthe buildings: 50 years from the date of acquisition The entity will consume the buildings' future economic benefits evenly over 50 years from the date of acquisition. The fair value of the units can be determi reliably without undue cost or effort on an on-going basis and that the residual value of the mvner-occupied unit is nil. On 31 December 2020, the fair value of each unit was reliably estimated as P