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14. On January 1, 20x1, ABC Co. decided to lease out a building that was previously used as office space. The building has a historical

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14. On January 1, 20x1, ABC Co. decided to lease out a building that was previously used as office space. The building has a historical cost of P5,000,000 and accumulated depreciation of P4,000,000 Requirement: Provide the journal entry under each of the following independent scenarios. a. ABC Co. uses the fair value model for its investment property. The building has a fair value of P800,000 on January 1, 20x1. b. ABC Co. uses the fair value model for its investment property and the revaluation model for property, plant and equipment. The building has a fair value of P1,400,000 on January 1, 20x1. c. ABC Co. uses the cost model for both of its investment property and property, plant and equipment. The building has a fair value of P1,400,000 on January 1, 20x1

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