In early January 2020, Landsdown Corp. purchased a vineyard in southern Ontario for $7.5 million cash. This amount included property taxes of $ 40,000, of that amount, $ 30,000 were in arrears and the balance is for the current year. Based on appraisals, the property's year-end fair values were $ 8.2 million at the end of 2020 and $ 8 million at the end of 2021. Other information: 1. The vineyard qualifies as an investment property. 2. Landsdown Corp. applies the fair value model to all its investment property. Instructions: Prepare all required journal entries for 2020 and 2021