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On 1 January 2015, PJ Land Berhad acquired a building for investment purposes for RM10 million with an estimated economic life of 50 years. At

On 1 January 2015, PJ Land Berhad acquired a building for investment purposes for RM10 million with an estimated economic life of 50 years. At 31 December 2015, the fair value of the building was RM11.5 million. The fair value on 31 December 2016 was RM10.8 million.

Required: Prepare the journal entries for the year ended 2015 and 2016 if PJ Land Berhad adopts the fair value model to account for the building in accordance with MFRS 140 Investment Property.

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