Lorvane measures its investment property at fair value. It sells a property for 3,350,000, with 50,000 of selling costs. The carrying amount at the date of disposal, equal to the latest fair value recognised, is 3,200,000. Calculate the net disposal proceeds and the gain or loss on disposal.
- Sale price
- 3,350,000
- Selling costs
- 50,000
- Carrying amount at the date of disposal
- 3,200,000