XYZ Ltd purchased an office building for R$675000$ on $1$ March $2020($useful life of $5$ years$)$

Fair value on $30$ June $2020$ was R$750000$

Fair value on $31$ December $2020$ was R$700000$

XYZ uses the cost model to measure PPE and the fair value model to measure investment property

Prepare journal entries for the year ended $30$ June $2020$

Answer rating: 100% (QA)

To prepare journal entries for the year ended June 30 2020 we need to consider the purchase of the o... View the full answer