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On Sept 30, 2020, ABC acquired a building to earn rent through operating leases. The investment property was initially measured at P20,000,000. It has an

On Sept 30, 2020, ABC acquired a building to earn rent through operating leases. The investment property was initially measured at P20,000,000. It has an estimated useful life of 25 years and a residual value of P400,000. It has a fair value of P22,000,000 and P23,000,000 as of the end of 2020 and 2021 respectively.

Using the fair value model, what is the carrying value on Dec. 31, 2020?

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