Coconut Corp. Prepares its financial statements under IFRS

During the Year $2020$:

The company begins operations on January $1,2020.$ The company is started by issuing

$500,000$ shares of common stock for $$80,000,000($ $$10$ Par value stock$)$

Anticipating future purchases to be denominated in Vietnamese Dong, the company

purchases $5$ Billion Dong when the spot rate was $\mathrm{.}000044$

The company immediately purchases $$500,000$ in inventory for cash and sells $$120,000$

of this inventory to customer #$1$ for $$200,000$ on credit. The company records its

allowance for doubtful accounts at a rate of $1\%$ of product sales $($not on rental income$)$

On January $1^{st},$ the company purchases a small office building $($paid in cash$)$ as an

investment $($treated as an investment property using IAS $40$ fair value method$)$ that it

will lease to an unrelated third parties. The building costs $$8,000,000$ and has a ${25}_y$ear ${?}_{(}())$

estimated life with no salvage value. Coconut immediately finds $10$ tenants who each

pay a $$2,000$ refundable security deposit $($refundable in $2022$ if there are no damages to

the property$).$ Each tenant pays $$36,000$ in advance for a two year lease term.