On January 1 , 2 0 X 3 ANL Pte Ltd paid $ 2 6 ,
Question:
On January X ANL Pte Ltd paid $ to purchase a building for its office use. The useful life of the building is years with zero residual value. The company financial year ends is December. The company adopts the revaluation model for accounting for the building in line with FRS Property, plant and equipment. As at December X the building was valued at $ by a professional valuer. When assets are adjusted for revaluations, the company adopts the elimination method. On June X the company moved its office to another location and decided to account for this building under FRS Investment Property using the fair value model. The fair value of the building as at June X was $
Question a
Illustrate the accounting for this building by preparing journal entries, including narratives for the year X and X