Ranger Ltd. sold its office building for $3,200,000. Ranger reports under IFRS. The office building had an original cost of $1,900,000 and is measured using the cost model. The carrying value of the building on the date of sale was $1,600,000, and its fair value at the last reporting date was $3,150,000. Which of the following is the correct journal entry to record the sale?

Question 10 options:

a)

DR Cash	3,200,000
CR Investment property		3,150,000
CR Gain on sale of investment property		50,000

b)

DR Cash	3,200,000
CR Investment property		1,900,000
CR Gain on sale of investment property		1,300,000

c)

DR Cash	3,200,000
DR Accumulated depreciation investment property	300,000
CR Investment property		1,900,000
CR Gain on sale of investment property		1,600,000

d)

DR Cash	3,200,000
CR Investment property		3,200,000