Reference no: EM132730763
On January 20, 2018, Conrad Corp. purchased a high-end condo complex for $9,800,000 cash. In addition to the purchase price, Conrad Corp. paid transfer fees of $180,000, and legal fees of $17,000.
The complex qualifies as an investment property. Conrad Corp. uses IFRS and applies the fair value model to all its investment properties. Assume a December 31 year end.
Wages paid to maintenance staff during each of the following three years:
2018: $115,000
2019: $119,000
2020: $114,500
Fair value information:
Dec 31, 2018: $9,400,000
Dec 31, 2019: $10,100,000
Dec 31, 2020: $10,350,000
Required:
Problem 1: Make the journal entries for 2018, 2019, and 2020.
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