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At the end of December 2017 company bought building for 900 000 USD. Building was...

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Accounting

At the end of December 2017 company bought building for 900 000 USD. Building was classified as investment property.

Assuming that fair value of building at the and of 2018 was 830 000 USD and at the end of 2019 was 690 000 USD present all entries concerning measurement of property at the end of reporting days. Use 10% depreciation rate and straight line method if necessary.

Prepare entries necessary to measure property at the end of financial year. Start in January 2018, with proper opening balances. Use two alternative valuations models. (Cost model and fair value model)

Prepare entries for each year separately. Give all necessary comments and calculations.

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