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Prepare the journal entries to record the transfer

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Question - On January 1, 2020, Dubious Corp. owns a building developed with a view to sale. The commercial complex has a cost of P 30, 789,000. The building has been on real property sales listing on different markets for five years now that Dubious is starting to doubt the saleability of the property.

In order to minimize the losses that Dubious will incur an operating lease was signed to another party for five years. Dubious will be earning rent from the property from the time of occupation on January 1, 2020. The commercial building has a fair value of P 33,567,00 and an original life of 25 years.

Required - Prepare the journal entries to record the transfer of the building to investment property under:

1. Cost model

2. Fair value model

Reference no: EM133067402

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