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Prepare the journal entry at december to adjust the value

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Reference no: EM132701894

A company uses the fair value model to account for its investment property. Information relating to its investment property at December 31, 2020:

Carrying value$ 6,000

Appraised value 6,300

Remaining useful life- 20 years

Problem a: Prepare the journal entry at December 31, 2020, if needed, to adjust the value of the investment property.

Problem b: What is the effect of (a) on 2020 income before tax?

 

Reference no: EM132701894

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