On March 1, 2017, Lavander Corp. acquired a 10-unit residential complex for $1,274,870, paid in cash. An independent appraiser determined that 73% of the total purchase price should be allocated to buildings, with the remainder allocated to land. On the date of acquisition, the estimated useful life of the building was 27 years, with estimated residual value of $324,770. Lavander estimates that straight-line depreciation would best reflect the pattern of benefits to be received from the building. Fair value of the complex, as assessed by an independent appraiser on each date, is as follows:

Journal entries required for 2017, 2018, and 2019, assuming that Grouper applies the fair value model to all of its investment property.

Prepare the journal entries required for 2017, 2018, and 2019, assuming that Grouper applies the cost model to all of its investment property.

The complex qualifies as an investment property under IAS 40 Investment Property. Lavander has a December 31 year end.

Prepare the journal entries required for 2017, 2018, and 2019, assuming that Lavander applies the fair value model to all of its investment property.

Here are the sample list of accounts as reference:

Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Leasehold Improvements Accumulated Depreciation - Machinery Accumulated Depreciation - Trucks Advertising Expense Asset Retirement Obligation Buildings Cash Common Shares Contributed Surplus Cost of Goods Sold Deferred Revenue - Government Grants Depreciation Expense Donation Revenue Equipment Finance Expense Finance Revenue Gain in Value of Investment Property Gain on Disposal of Building Gain on Disposal of Equipment Gain on Disposal of Machinery Gain on Disposal of Truck Gain on Sale of Land GST Payable GST Receivable Interest Expense Interest Income Interest Payable Interest Receivable Inventory Investment Property Land Land Improvements Loss in Value of Investment Property Loss on Disposal of Building Loss on Disposal of Equipment Loss on Disposal of Land Loss on Disposal of Machinery Loss on Disposal of Truck Machinery Maintenance and Repairs Expense Mineral Resources Mortgage Payable No Entry Notes Payable Notes Receivable Office Expense Owner's Drawings Prepaid Expenses Prepaid Insurance Profit on Construction Purchase Discounts Purchase Returns and Allowances Rent Expense Revaluation Gain or Loss Revaluation Surplus (OCI) Revenue - Government Grants Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Service Revenue Supplies Supplies Expense Tenant Deposits Liability Trucks

Date December 31, 2017 December 31, 2018 December 31, 2019 Fair Value $1,321,750 $1,254,960 $1,222,850