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Haorong Corp has an investment property it paid $20,000,000 for on January 1, 2020. An appraisal valued the land at $4,620,000 and the building at $16,380,000 for the property. The building is expected to last 30 years with no residual value. The property was appraised at December 31, 2020 at $22,500,000. The company has a December 31, 2020 year end and uses straight-line depreciation.Required (show all calculations, round amounts to the nearest dollar):
Problem (a) Prepare the 2020 journal entries for the property assuming the cost method is used to account for the investment property.
Problem (b) Prepare the 2020 journal entries relating to the property assuming instead that the fair value model is used to account for the investment property.
Problem (C) Which method results in higher income for 2020? Provide the impact ($ and +/-) on 2020 income for both methods showing your calculations
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