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On January 20, 2021, Trail Corp. purchased a luxury apartment complex in British Columbia for $ 10 million cash. In addition to the purchase price,

On January 20, 2021, Trail Corp. purchased a luxury apartment complex in British Columbia for $ 10 million cash. In addition to the purchase price, Trail paid transfer fees of $ 150,000 and legal fees of $ 20,000. Wages were paid to maintenance staff during each of the following three years: imgFair value information: imgOther information: The complex qualifies as investment property. Trail applies the fair value model to all its investment property. Instructions Prepare all required journal entries for 2021, 2022, and 2023.

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