If the entity uses the fair value model for investment property, which statement is true? a. The entity should value the property at cost less accumulated depreciation and impairment. b. The entity does not record depreciation on the investment property. c. The entity depreciates the equipment using normal depreciation method d. The entity should report the increase in fair value in other comprehensive income for the period.

If the entity uses the fair value model for investment property, which statement is true? a. The entity should value the property at cost less accumulated depreciation and impairment. b. The entity does not record depreciation on the investment property. c. The entity depreciates the equipment using normal depreciation method d. The entity should report the increase in fair value in other comprehensive income for the period.

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter10: Long-lived Tangible And Intangible Assets

Section: Chapter Questions

Problem 9Q

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Question

If the entity uses the fair value model for investment property, which statement is true?

a. The entity should value the property at cost less accumulated depreciation and impairment.

b. The entity does not record depreciation on the investment property.

c. The entity depreciates the equipment using normal depreciation method

d. The entity should report the increase in fair value in other comprehensive income for the period.

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