Rental Co. sold its residential apartment building for $1,500,000. It had an original cost of $900,000 and was purchased approximately three years ago. Rental reports under IFRS and measures its investment properties using the fair value model. The carrying value of the apartment building on the date of sale was $1,200,000. Prepare a correct journal entry to record the sale?

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Journal Entry for Sale of Investment Property Date Date of Sale Description To record the sale of th... View the full answer