Reference no: EM132526079
An entity owns two investment properties, X and Y, the fair values of which are:
31 December 2006 31 December 2007
Property X 15,000,000 20,000,000
Property Y 10,000,000 8,000,000
The original cost of the properties was 9 million each when they were acquired on 1 January 2005. Both have an estimated useful life of 10 years. The entity uses the cost model to value all its investment properties.
Required:
Question a.) Compute for the total amount recognized in December 31, 2007 statement of profit or loss.
Question b.) Compute for the total amount recognized in December 31, 2007 statement of financial position.
Question c.) Provide the adjusting entry on December 31, 2007.
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