2. ABC Bhd acquired land and building for RM24 million o I July 2019. Legal...
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2. ABC Bhd acquired land and building for RM24 million o I July 2019. Legal and other expenses incurred amounted to RM 1 million. The building has ten floors and nine of the floors are rented to its subsidiary and one floor is used by the ABC Bhd. The fair value of the property as at 31 December 2019 was RM29 million and at 31 December 2020, RM27 million. The economic life of the building is determined as 20 years. ABC Bhd has adopted the fair value model. The financial year-end is 31 December.
Required:
Discuss the accounting treatment for ABC Bhd and ABC Group.
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