Jungkook Company has a single investment property that had an original cost of 4,000,000 on Jan. 1,
Fantastic news! We've Found the answer you've been seeking!
Question:
On Dec. 31, 2019 the fair value was 4,120,000 and on Dec 31, 2020, the fair value was 4,080,200. On acquisition, the property has a useful life of 10 years.
What is the loss reported in the income statement for 2020 under the fair value model?
What is the loss reported in the income statement for 2020 under the cost model?
Related Book For
Intermediate Accounting Volume 2
ISBN: 9781119497042
12th Canadian Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
Posted Date: