6 marks) Kenney Co. owns an investment property in downtown Red Deer. The property was...
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Accounting
6 marks) Kenney Co. owns an investment property in downtown Red Deer. The property was purchased on January 1, 2019 at a cost of $1,000,000. Kenney is using the fair value model to account for its property and has obtained appraisals for the property that indicated the value was:
Dec 31, 2019
$ 1,150,000
Dec 31, 2020
$ 700,000
Instructions
Record any required journal entries related to the property at December 31, 2019 and 2020.
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