Entity A owned an investment property on 1 January 2021. The investment property was sold...
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Accounting
Entity A owned an investment property on 1 January 2021.
The investment property was sold on 30 June 2021 for $1,550,000 with selling costs of $50,000.
On 30 June 2021, the carrying amount of the investment property was $1,004,000 if the cost model was applied. On the same day, the fair value of the investment property was $1,300,000 if the fair value model was applied.
REQUIRED:
Evaluate the amount of Gain on disposal under
The cost model $
The fair value model $
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