(20 marks) Rump Limited is an investment company and holds investments for a few purposes: resale, leasing, and own use. On 1 January 2020. Rump Limited purchased an old building, Rump towers for NS 300 000. Conveyance fees amounted to N$ 20 000 The building is situated in an isolated part of Swakopmund and there is no development anywhere nearby At the time of purchase, there had been no property transactions in this area for many years and the possibility of leasing to tenants was remote. During November 2020, development began of a new industrial Park in the area. As a result, the building was able to be leased to tenants involved in the development of the industrial park. Due to the influx of people in the area, the directors decided to paint one side of the building with the corporate logo of Rump Limited This building has never had an air-conditioning system. After numerous complaints from tenants about not being able to tolerate the Swakopmund summer heat, Rump Limited decided to upgrade the building by installing a ducted air-conditioning system on 1 December 2020 The cost of installation included the following Adustment to the structure of the building 30 000 Painting Ar conditioning system 200 000 stallation cos 50 000 The ducted air-conditioning system has a 10-year life and a nil residual value. As a result of the new industrial park, there was suddenly a demand for the properties in the area. As a result, the fair value of Rump Towers was able to be determined on 31 December 2021 at N$ 420 000 Rump Limited would like to measure this investment property at fair value. The building has a 10-year useful life and an estimated residual value of N$ 50 000 Rump Limited also holds other investment property which is measured under the fair value model. The fair value of this other investment property is as follows 1 January 2020 30 December 2020 1 000 000 1 250 000 REQUIRED: (a)Journalise the entries that would arise from the above information for the year ended December 2020. (10 marks) (b) Prepare the accounting policy and investment property note for the year ended 31 December 2020 (10 marks) QUESTION 4 (10 marks) (20 marks) Rump Limited is an investment company and holds investments for a few purposes: resale, leasing, and own use. On 1 January 2020. Rump Limited purchased an old building, Rump towers for NS 300 000. Conveyance fees amounted to N$ 20 000 The building is situated in an isolated part of Swakopmund and there is no development anywhere nearby At the time of purchase, there had been no property transactions in this area for many years and the possibility of leasing to tenants was remote. During November 2020, development began of a new industrial Park in the area. As a result, the building was able to be leased to tenants involved in the development of the industrial park. Due to the influx of people in the area, the directors decided to paint one side of the building with the corporate logo of Rump Limited This building has never had an air-conditioning system. After numerous complaints from tenants about not being able to tolerate the Swakopmund summer heat, Rump Limited decided to upgrade the building by installing a ducted air-conditioning system on 1 December 2020 The cost of installation included the following Adustment to the structure of the building 30 000 Painting Ar conditioning system 200 000 stallation cos 50 000 The ducted air-conditioning system has a 10-year life and a nil residual value. As a result of the new industrial park, there was suddenly a demand for the properties in the area. As a result, the fair value of Rump Towers was able to be determined on 31 December 2021 at N$ 420 000 Rump Limited would like to measure this investment property at fair value. The building has a 10-year useful life and an estimated residual value of N$ 50 000 Rump Limited also holds other investment property which is measured under the fair value model. The fair value of this other investment property is as follows 1 January 2020 30 December 2020 1 000 000 1 250 000 REQUIRED: (a)Journalise the entries that would arise from the above information for the year ended December 2020. (10 marks) (b) Prepare the accounting policy and investment property note for the year ended 31 December 2020 (10 marks) QUESTION 4 (10 marks)