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Question - In February 2020, Muskoka Corp. purchased a golf course in southern Ontario for $7.5 million cash. This amount included legal fees of $18,000 and property taxes of $40,000 (of that amount, $30,000 were in arrears). Based on appraisals, the property's year-end fair values were $8.2 million at the end of 2020, and $8 million at the end of 2021.

This golf course qualifies as an investment property. In addition, Muskoka Corp. applies the fair value model to all its investment property.

Required - Make journal entries for 2020 and 2021.

Reference no: EM132564953

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