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Prepare journal entries to record the fair value model

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Reference no: EM132559452

Ali Baba PJSC acquired a building on 1 April 2018 to be leased out under operating lease. The purchase price of the building was RM12 million. The fair value of the building was RM11.5 million and RM13 million at the end of 2018 and 2019 respectively. It was estimated that the economic life of the building to be 20 years.

Required:

Question 1: Prepare journal entries to record the above assuming the company adopts

(i) the fair value model

(ii) the cost model

Reference no: EM132559452

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