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John Ltd, a property developer, acquired a fixed property on 1 January 2022 at a cost of N$600,000, with the intention to sell it at
John Ltd, a property developer, acquired a fixed property on 1 January 2022 at a cost of N$600,000, with the intention to sell it at a profit. On 1 July 2022, when the fair value of the property amounted to N$650,000, John Ltd however entered into an agreement to lease the property to Rainer Investments CC in terms of an operating lease for a period of two years. The fair value of the property amounted to N$670,000 on 31 December 2022. John Ltd accounts for investment properties at fair value. Required: Provide John Ltd.'s journal entries for31 December 2022 financial year
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