Jungkook Company has a single investment property that had an original cost of 4,000,000 on...
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Accounting
Jungkook Company has a single investment property that had an original cost of 4,000,000 on Jan. 1, 2019
On Dec. 31, 2019 the fair value was 4,120,000 and on Dec 31, 2020, the fair value was 4,080,200. On acquisition, the property has a useful life of 10 years.
What is the loss reported in the income statement for 2020 under the fair value model? What is the loss reported in the income statement for 2020 under the cost model?
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