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6 marks) Kenney Co. owns an investment property in downtown Red Deer. The property was purchased on January 1, 2019 at a cost of $1,000,000.
6 marks) Kenney Co. owns an investment property in downtown Red Deer. The property was purchased on January 1, 2019 at a cost of $1,000,000. Kenney is using the fair value model to account for its property and has obtained appraisals for the property that indicated the value was:
| Dec 31, 2019 | $ 1,150,000 | |
| Dec 31, 2020 | $ 700,000 | |
| Instructions | ||
| Record any required journal entries related to the property at December 31, 2019 and 2020. |
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