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On 1 July 2017, Didi Bhd acquired a 7-storey building for RM6,000,000. The estimated useful life of the 7-storey building was 50 years. The 7-storey building was depreciated on a monthly basis. The 7-storey building was rented out to third parties at RM500,000 per annum. As at 31 October 2018 and 31 October 2020 the fair value of the 7-storey building were RM6,200,000 and RM6,070,000 respectively. The financial year ends on 31 October every year.
Required:
Problem i. Explain the accounting treatment of the building for the year ended 31 October 2017 if Didi Bhd adopted cost model in the measurement of its asset.
Problem ii. Prepare the journal entries for the year ended 31 October 2018 and 31 October 2020 if Didi Bhd adopted fair value model in the measurement of its investment property.
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