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On January 20, 2021, Bills Corp. purchased a luxury apartment complex in Squamish, British Columbia for $9 million cash. In addition to the purchase price, Bills paid transfer fees of $ 450,000 and legal fees of $ 30,000.
Wages were paid to maintenance staff during each of the following three years:
2021: $ 103,000
2022: $ 107,000
2023: $ 110,000
Fair value information:
Dec 31, 2021: $ 8.1 million
Dec 31, 2022: $ 11.0 million
Dec 31, 2023: $ 12.5 million
Other information:
The complex qualifies as an investment property. Bills apply the fair value model to all its investment property.
Instructions
Problem 1: Prepare all required journal entries for:
a) 2021,
b) 2022,
c) 2023.
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