. PEARS Company owned three investment properties. Details of the properties are as follows:

Each property had an estimated useful life of 50 years. The accounting policy is to use the fair value model for investment properties. What is the carrying value of the investment properties that should be presented in the 2020 statement of financial position?

Property 1 Property 2 Property 3 Initial Cost 2,700,000 3,450,000 3,300,000 Fair Value December 31, 2019 3,200,000 3,000,000 3,900,000 Fair Value December 31, 2020 3,500,000 2,800,000 3,400,000