Pelvane sells an investment property with a carrying amount of 2,750,000. The price is 3,300,000, payable in one year; its present value, which represents the consideration measured under the transaction price, is 3,000,000 (teaching assumption). There are no selling costs. Record the disposal entry.
- Nominal price payable in one year
- 3,300,000
- Present value of the price
- 3,000,000
- Carrying amount of the property
- 2,750,000