.. Galore Company ventured into construction of a condominium in Makati which is rated as the largest state-of-the-art structure. The board of directors decided that instead of selling the condominium, the entity would hold this property for purposes of earning rentals by letting out space to business executives in the area. The construction of the condominium was completed, and the property was placed in service on January 1, 2020. The cost of the construction was P50,000,000. The useful life of the condominium is 25 years and the residual value is P5,000,000. An independent valuation expert provided the following fair value at each subsequent year-end: December 31, 2020 55,000,000 December 31, 2021 53,000,000 December 31, 2022 60,000,000 Required: Prepare journal entries for 2020, 2021 and 2022: 1. The investment property is accounted for under the cost model. 2. The investment property is accounted for under the fair value model