Reference no: EM132834009
On Sept 30, 2020, ABC acquired a building to earn rent through operating leases. The investment property was initially measured at $20,000,000. It has an estimated useful life of 25 years and a residual value of $400,000. It has a fair value of $22,000,000 and $23,000,000 as of the end of 2020 and 2021 respectively.
Problem 1: Using the cost model, what is the depreciation expense for the year 2020? Note that asset was acquired on Sept. 30.
Problem 2: Using the cost model, what is the carrying value of the investment property on Dec. 31, 2021?
Problem 3: Using the fair value model, what is the carrying value on Dec. 31, 2020?
Problem 4: Using the fair value model, what is the gain or (loss) from change in fair value?
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