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Prepare journal entry to adjust value of investment property

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Question: A company uses the fair value modelCarrying value$ 6,000Appraised value 6,300Remaining useful life- 20 years to account for its investment property. Information relating to its investment property at December 31, 2020:

1. Prepare the journal entry at December 31, 2020, if needed, to adjust the value of the investment property.

2. What is the effect of (a) on 2020 income before tax?

Reference no: EM132757659

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