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How do make journal entries to record the transactions

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Company E. a real estate company, has a building with a carrying amount of P10.000.000 as of the end of 2019. At that date, the Company was previously using the building as an office space but has decided to to rent out the building instead, as the Company will move its operations to another newer building.

  • The original building has a fair value of P20.000,000 in the same date.
  • The Company also had a land which was held for sale as part of regular operations. The land had a carrying amount of P15,000.000 and fair value of P20.000.000 as of the end of 2019. On such date. the entity decided to hold the land for capital appreciation.

Problem 1: Prepare journal entries to record the transactions from 2019 to 2020 assuming the Company was using (1) cost model and (2) fair value model to account for its investment properties.

Reference no: EM132669806

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