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What the journal entries of ais kepal bhd as at december

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Reference no: EM132962847

Problem1 : On 1st January 2019, Ais Kepal Bhd purchases a property for investment purposes. The property costs Ais Kepal Bhd RM1 million on the purchase date. The economic life of the property is estimated to be 40 years. As at the financial year end 31 December 2019, the fair value of the property is RM1.5 million. The fair value of the property on 31 December 2020 is RM1.8 million. It is the policy of Ais Kepal Bhd to adopt the fair value model to account for its investment properties. The journal entries of Ais Kepal Bhd as at 31 December 2020:

a) Dr Investment property RM500,000; Cr Fair value gain-SOPL RM500,000.

b) Dr Investment property RM300,000; Cr Fair value gain-SOPL RM300,000.

c) Dr Investment property RM1.8 million; Cr Fair value gain-SOPL RM1.8 million.

d) Dr Investment property RM1.8 million; Cr Fair value gain-SOPL RM1.8 million;

e) Dr Depreciation RM45,000; Cr Accumulated depreciation RM45,000.

Reference no: EM132962847

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