GMP, a property construction company, completed the construction of the M Building a complex of 80 apartments in Shanghai at the end of March 20X4. On 1 June 20X4, as a result of a lack of buyers in the market, and a recent fall in selling prices, GMP decided to take the property off the market. Instead, the company decided to rent out the individual apartments in the M Building until the market improves. Rental arrangements were agreed upon immediately on all of the apartments. The company expects an improvement in the market to take four years. GMP cost $80 million to develop and had a fair value on completion of $89 million, and fair values of $83.5 million and $81.2 million on 1 June 20X4 and 30 June 20X4 respectively. GMP measures investment properties using the fair value model.

Prepare all necessary journal entries for the M Building on 1 June 20X4 and 30 June 20X4.