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Discuss the accounting treatment for the investment property

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Reference no: EM133060608

Question - Wang Bhd has prepared its draft of financial statements for the year ended 30 June 2020. The account officer has consulted you about the treatment for a property. The property comprising freehold land of RM100,000,000 and building of RM300,000,000. The building was purchased 5 years ago but the land was purchased on 1 May 2018. Both land and building are classified as investment property and accounted under the cost model. The estimated useful life of the building was 30 years.

Required - Discuss the accounting treatment for the investment property for the year ended 30 June 2020 above.

Reference no: EM133060608

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