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Provide all journal entries related to the building

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Jose Ltd. acquired a building on January 1, 2017 with the intention of self-occupation for $2,000,000. The building has a useful life of 10 years and $500,000 residual value at the end of its useful life. The company used the cost model to value its PP&E assets. On December 31, 2017, Jose Ltd. decided to change its intention from self-occupation to investment property for rental purpose.

The company uses the fair value model for investment properties, and the fair value of this building at the end of 2017 and 2018 is as follows:

  • Dec. 31, 2017: $1,800,000
  • Dec. 31, 2018: $2,100,000

The company adopts a straight-line depreciation policy and has a fiscal year-end of December 31.

problem 1: Provide all journal entries related to this building in 2017 and 2018.

Reference no: EM132787596

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