E$21\mathrm{.}9($LO $1)($Accounting Change$$Measurement Model for Investment Property$)$ Golden Properties Corporation purchased a parcel of land in March $2022$ for $$1$ million with the intent to construct a building on the property in the near future. At the time of purchase, Golden applied the cost model and measured and reported the land at its acquisition cost as allowed in IAS $16.$ Golden follows IFRS. Management decided in $2023$ that the land qualifies as an investment property under IAS $40$ and that Golden is to apply the fair value model of accounting for investment properties effective immediately because management believes that changing the measurement model will provide more relevant information. Independent appraisals indicate that the land$$s fair value at December $31,2022$ and $2023,$ was $$980,000$ and $$1,050,000,$ respectively. Before application of the fair value model of accounting for investment properties, Golden$$s reported net income for the years ended December $31,2021,2022,$ and $2023,$ was $$73,000,$ $$41,000,$ and $$12,000,$ respectively; and Golden$$s reported retained earnings at December $31,2021,2022,$ and $2023,$ was $$189,000,$ $$230,000,$ and $$242,000,$ respectively. Golden has $100,000$ common shares outstanding.

Instructions

Answer the following, ignoring income tax considerations and rounding earnings per share to the nearest cent.

Prepare the original comparative SFP as at December $31,2022,$ and the original comparative income statement for the year ended December $31,2022,$ for the affected accounts.

Prepare Golden$$s journal entries, if any, to record the change in accounting policy.

Prepare the restated comparative statement of financial position as at December $31,2023,$ and the restated comparative income statement for the year ended December $31,2023,$ for the affected accounts.

From the perspective of an investor, discuss the effects of changing to the fair value model of accounting for investment properties on Golden$$s financial statements and earnings per share.