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Question - Medina Berhad acquired a building at a purchase price of RM6,050,000 on 2 January 2017. The legal fees incurred to acquire the building amounted to RM500,000. The acquisition is eligible for a trade discount of RM50,000. The building has 20 floors and all floors are rented out. The fair value of the building on 31 December 2018 and 31 December 2020 were RM6,720,000 and RM6,600,000 respectively. Depreciation on building is using a straight line method over 50 years.
Required -
a) Medina Berhad adopts the cost model in accordance with MFRS 140 Investment Property, determine the carrying value of the building as at 31 December 2018 and 31 December 2020.
b) If Medina Berhad adopts the fair value model in accordance with MFRS 140 Investment Property, prepare journal entries to record the transaction for the year ended 31 December 2018 and 2020?
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