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Provide the journal entry under each scenarios

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Question - On January 1, 20x1, ABC Co. decided to lease out a building that was previously used as office space. The building has a historical cost of 5,000,000 and accumulated depreciation of 4,000,000.

Requirement - Provide the journal entry under each of the following independent scenarios.

a) ABC Co. uses the fair value model to its investment property. The building has a fair value of 800,000 on January 1, 20x1.

b) ABC Co. uses the fair value model fo its investment property and the revaluation model for its property, plant and equipment. The building has a fair value of 1,400,000 on January 1, 20x1.

c) ABC Co. uses the cost model for both of its investment property and property, plant and equipment. The building has a fair value of 1,400,000 on January 1, 20x1.

Reference no: EM133036765

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