A fire caused by a contractor destroys an investment property of Rovane, carried at 450,000 and derecognised. The contractor's insurer acknowledges owing compensation of 600,000, which became receivable during the period (case facts). Calculate the compensation income recognised and the net effect on profit or loss, the loss on the property being recognised separately.
- Compensation that became receivable
- 600,000
- Carrying amount of the destroyed property
- 450,000