Question
The Kuala Lumpur Company's accounting policy with respect to investment properties is to measure them at fair value at the end of each reporting period.
The Kuala Lumpur Company's accounting policy with respect to investment properties is to measure them at fair value at the end of each reporting period. One of its investment properties was measured at P800,000 on 31 December 2018.The property had been acquired on January 1, 2018 for a total for a total of P760,000, made up of P690,000 paid to the vendor, P30,000 paid to the local authority as property transfer tax and P40,000 paid to professional advisers. In accordance, with PAS40 Investment Property, the amount to gain to be recognized in profit or loss in the year ended December 31, 2018 in respect of the property is
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