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Jeju Property Bhd has leased out its building to BB Bhd. under an operating lease for 5 years. The lease commenced on 1 January 2019

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Jeju Property Bhd has leased out its building to BB Bhd. under an operating lease for 5 years. The lease commenced on 1 January 2019 when the value of the building was RM20 million. The financial year end for Jeju Property Bhd is 31 December every year. The annual lease rental is RM2 million BB Bhd. uses the building as a warehouse for its inventory. Required: Prepare journal entries relating to the acquisition of the property and any adjusting entries required as 31 December 2019

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