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On July 1, 2020, Casper Company purchased a shopping center to have rental income, for $240,000,000. On December 31, 2020, the fair value of the

On July 1, 2020, Casper Company purchased a shopping center to have rental income, for $240,000,000.

On December 31, 2020, the fair value of the shopping center was estimated $244,000,000. During the 6 months, the company earned $5,000,000 from the rentals.

Required: Make the necessary journal entries on July 1, 2020 and December 31, 2020 and show the effects on the entries on Balance Sheet as of December 31, 2020 and Income Statement for 2020.

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