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  3. 1. on 1 january 2019, cempedak bhd purchased an in

1. On 1 January 2019, Cempedak Bhd purchased an investment property at a cost of...

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Accounting

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1. On 1 January 2019, Cempedak Bhd purchased an investment property at a cost of RM50m. It applies the fair value model to measure the investment property. On 31 December 2019, the market value of the investment property was RM60m. On 31 December 2020, the market value was RM55m. On 1 January 2021, the investment property is reclassified to property, plant and equipment. Required: Prepare journal entries to account for the purchase of the investment property, the change in the fair value of the investment property and the subsequent transfer to property, plant and equipment (10 marks)

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