24. Norway Company owned two investment properties with the following details: Fair Value Dec. 31,2020 3,000,000 4,000,000 Initial Cost Property 1 Property 2 2,700,000 3,500,000 Fair Value Dec. 31, 2021 3,200,000 3,800,000 Each property was acquired in 2020 with a useful life of 10 years. The policy is to use the fair value model for investment property. What is the gain or loss to be recognized in 2021? 200,000 500,000 300,000 A. В.

Initial costs are the costs which are recorded when the resources are purchased and fair value is…

Answered: 24. Norway Company owned two investment properties with the following details: Fair Value Dec. 31,2020 3,000,000 4,000,000 Initial Cost Property 1 Property 2…

FINANCIAL ACCOUNTING

10th Edition

ISBN: 9781259964947

Author: Libby

Publisher: MCG

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24.
Norway Company owned two investment properties with the following details:
Fair Value Dec. 31,2020
3,000,000
4,000,000
Fair Value Dec. 31, 2021
3,200,000
3,800,000
Initial Cost
Property 1
Property 2
2,700,000
3,500,000
Each property was acquired in 2020 with a useful life of 10 years. The policy is to use the
fair value model for investment property.
What is the gain or loss to be recognized in 2021?
200,000
500,000
300,000
A.
В.
C.
D.

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