A. Presented below are four (4) independent situations: (a) (b) An entity owns a building that it rents out to third parties under operating leases in return for rental payments. An entity owns a building that it rents out to third parties under operating leases in return for rental payments. The entity provides a significant ancillary service for the lessees of the building. An entity acquires a land for long-term investment because it expects the value of the land will increase over time. No rentals are expected to be generated in the foreseeable future. An entity purchased a land and it divided the land into smaller plots to be sold in the ordinary course of business activity. (d) REQUIRED: Based on MFRS 140 Investment Property, classify each of the above situation into investment property or owner-occupied property. (4 Marks) B. Mega Fashion owns a number of prestigious apartments in Kuala Lumpur which it leases to famous persons who are under a contract of employment to model and promote its clothes and accessories. The lease terms are short and are normally for six months. The leases terminate when the contract for promoting clothes and accessories end. Mega Fashion wishes to account for these apartments as investment properties. REQUIRED: Advise Mega Fashion on its accounting treatment of the apartments